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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.

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