Egypt To Lower Exchange Rate To 16 Pounds

Egypt will lower its customs exchange rate to 16 pounds per dollar from 16.25, effective Sept. 1, Finance, Minister Amr El-Garhy, told Reuters on Monday.

The new rate will be set for one month, El-Garhy said.
Egypt began setting a monthly fixed customs exchange rate in January
following the flotation of its currency in November.
The Egyptian pound traded at about 17.7
pounds to the dollar on Monday.

August 28, 2017