Egypt keeps custom dollars at LE 16 in December

CAIRO – 29 November 2017: Egypt kept the customs dollars at its current rate of LE16 to the dollar for December, the Ministry of Finance said Wednesday.

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 17.65 to the dollar on Wednesday. In November, customs dollars will also set at LE 16.

Egypt started setting a monthly fixed customs exchange rate in January 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.