Back to the complete issue
Monday, 2 September 2019

Egypt scraps monthly customs rate, bringing back daily system

FinMin brings back daily customs rate, scrapping monthly system: The Finance Ministry has decided to scrap the monthly customs exchange rate introduced in 2017 and will revert to setting the rate on a daily basis according to FX rates announced by the central bank, according to a ministry statement. The daily rate system came into effect as of yesterday. The government had introduced the monthly system following the EGP float as an “exceptional measure” to stabilize the customs rate during a period of currency volatility, which is no longer necessary, the ministry said. The rate for non-essential imports was set at EGP 16.77 / USD 1 for July, while the discounted customs exchange rate was held at EGP 16.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2020 Enterprise Ventures LLC.