Egypt 2018/19 budget assumes rate of LE 17.25 to dollar

CAIRO - 29 March 2018: Egypt’s 2018-2019 budget will assume an exchange rate of LE 17.25 per U.S. dollar and an oil price of 67 dollars a barrel, Prime Minister Sherif Ismail told reporters on Thursday.

The pound halved in value after Egypt floated the currency in November 2016, and has barely strengthened since then despite an improvement in some economic indicators.