Egypt keeps custom dollars at LE 16 in August

CAIRO – 31 July 2018: Egypt kept the custom dollar at its current rate of LE 16 for $1 in the month of August, Minister of Finance Mohamed Ma’it said in a statement.

The minister said that the custom dollar rotates around 90 percent of the prevailing dollar price in the banking market.

The Egyptian pound has remained relatively stable during morning transactions at major banks on Tuesday, trading at around LE 17.82 for buying and LE 17.95 for selling.

Egypt started setting a monthly fixed customs exchange rate in January 2017 after the flotation of the Egyptian pound in November 2016, which was followed by an increase of 80-100 percent in the value of the custom dollar.