Egypt to keep customs exchange rate at 16 pounds in October

Egypt will keep its customs exchange rate steady at 16 pounds per dollar for October, Finance Minister Amr El Garhy told Reuters on Saturday.

“The decision is consistent with the currency price stabilisation in the past period,” he said.

Egypt began setting a monthly fixed customs exchange rate in January, following the flotation of its pound currency in November. It has since set it each month.

The pound has gradually strengthened in recent weeks to about 17.71 to the dollar, up from about 17.75 last month.