The exchange rate of the Egyptian pound against the dollar

The exchange rate of the Egyptian pound has stabilized against the US dollar in five banks during the Monday morning session, the first after the decision to cancel the customs dollar.

The Egyptian Ministry of Finance announced that, as of September 1, the exchange rates announced by the Central Bank will be applied when estimating customs duties on imports of all kinds.

The price of the pound was stabilized against the dollar at the National Bank of Egypt and the IPC at 16.5 pounds at the purchase and 16.6 pounds for sale.

The dollar was at the Credit Agricole at 16.5 pounds with the purchase, 16.6 pounds for sale, while 16.52 pounds with the purchase and 16.61 pounds on sale at the Islamic Bank of Abu Dhabi .

The dollar at the central bank cost about 16.5 pounds on the purchase and 16.6 pounds on sale Sunday.

The Egyptian customs authorities announced Sunday the fixing of foreign exchange prices against the Egyptian pound according to the rates announced by the daily of the Central Bank from 1 September.

The MPC decided last Thursday to reduce the deposit and lending rates as well as the main transaction price by 150 basis points, to 14.25%, 15.25% and 14.75%, respectively.

Beltone's research previously confirmed: "All the possibilities you plan to stay up in 2020 in favor of the appreciation of the pound sterling, with limited fluctuations in the range of 16 to 17 pounds sterling against the dollar, which will remain necessary to help the Central Bank of Egypt to maintain the inflation target and to continue the cash facilitation cycle. "

Importers and bankers differed on the impact of the decision of the Egyptian Ministry of Finance to abolish transactions in customs dollars for all imported goods.