Egypt keeps custom dollars at LE 16 in May

CAIRO – 29 April 2018: Egypt kept the customs dollars at its current rate of LE 16 to the dollar for the month of May, the Ministry of Finance said in a statement Sunday.

The ministry said that the decision comes in light of the stability in the Egyptian pound’s exchange rate during the past period as well as the stable conditions of the economy overall.

The pound has remained roughly at the same level in recent months, trading at around 17.63 to the dollar at the Central bank of Egypt (CBE) on Sunday.

Egypt started setting a monthly fixed customs exchange rate in January 2017, following the flotation of the pound, after which the value of the custom dollar had increased by 80-100 percent.