World Economy

Egypt Lowers Customs Exchange Rate

Egypt Lowers Customs Exchange RateEgypt Lowers Customs Exchange Rate

Egypt will lower its customs exchange rate to £16.25 pounds per dollar from 16.50, effective from Tuesday, Finance Minister Amr El-Garhy told Reuters on Sunday. The new rate will be set for one month, he said, in what is the first such drop in four months. Egypt began setting a monthly fixed customs exchange rate in January following the flotation of its pound currency in November. It has since set it each month.


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