Egypt cancels customs exchange rate as of September 1

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Mon, 02 Sep 2019 - 11:55 GMT

File - Finance Ministry

File - Finance Ministry

CAIRO - 2 September 2019: The Finance Ministry said Sunday it will cancel the monthly customs exchange rate on imports and restore a previous approach for estimating the price according to the daily rates as of September 1.

"As of Sept. 1, the customs duties on imports of all kinds will be estimated according to the foreign currencies exchange rates announced by the central bank,” the ministry said in a statement.

The ministry attributed the decision to the end of the exceptional circumstances that drove the government to resort to the monthly fixed customs exchange rates.

It added that the CBE foreign currencies exchange rates have stabilized, and have converged with the customs dollar rate.”

In January 2017, Egypt started to set a monthly fixed price for the customs exchange rate coincided with the implementation of the economic reform program adopted in November 2016.

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