U.S. one-hundred dollar bills are seen in this picture illustration, August 2, 2013 - REUTERS/Kim Hong-Ji/Illustration
CAIRO - 8 March 2018: There is no official statement concerning the dollar price in the budget of fiscal year 2018/2019, Minister of Finance Amr el-Garhy said at the Conference of boosting the mobilization of Egypt’s domestic resources.
Garhy added that the government will announce the new price of the dollar in the upcoming budget after discussing the estimated budget.
Three government sources said on Tuesday that Egypt’s 2018-2019 government budget will assume an exchange rate of LE 17.5 per $1.
The rate the sources cited would represent a slight strengthening of the pound, which is currently around LE 17.6 per $1.
Egypt floated its currency in November 2016 as a part of economic reforms which saw it reduced by almost 50 percent against the dollar.
The dollar exchange rate was stable at Egypt’s major banks on Thursday as the buying rate ranged from LE 17.54 to 17.58 and the selling rate was from LE 17.64 to 17.68.
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