Finance Ministry keeps customs dollar at LE 16 for intermediate goods, semi-finished products

CAIRO, Dec 2 (MENA) - The Finance Ministry will keep its customs exchange rate in December at EGP 16 to the dollar as regards intermediate goods and semi-finished products like Tobacco.

Finished products like cigarettes and cigars will be subjected to the exchange rate announced by the Central Bank, the ministry said in a statement on Sunday.

Egypt began setting a monthly fixed customs exchange rate following the Central Bank’s decision to float the Egyptian pound in November 2016.

The Finance Ministry has since reviewed the rate every month.