Egyptian pound's stability keeps custom dollar fixed for January

CAIRO - 31 December 2017: The Ministry of Finance kept the customs dollars exchange rate at its current rate of LE16 to the dollar for January, Minister of Finance Amr El-Garhy announced 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 average exchange rate for the U.S. dollar stood at LE 17.74 for buying and LE 17.84 for selling at the Central Bank of Egypt and the country's largest state-owned bank the National Bank of Egypt 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 80 to100 percent. Customs dollars have since set it each month.