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CAIRO – The Egyptian Ministry of Finance has stated that the exchange rate for the 2019-2020 fiscal year was set at 17.46 pounds per dollar.
In response to requests from journalists through Watsab's application, the ministry indicated that the exchange rate was determined by next year's budget based on the average official exchange rate announced by the Central Bank for the period from March 1st to 15th.
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In a statement, the ministry denied what the media discussed about the exchange rate estimates used in the 2019-2020 budget.
The ministry pointed out that the 2019-2020 budget had been presented yesterday to the Cabinet and approved, as well as the completion of the legal procedures necessary to prepare the dispatch of the budget to the House of Representatives at the end of the month.
Reuters reported on government sources that the Egyptian government has set the price of the dollar to 18 In the draft budget for the next financial year 2019-2020.
According to Reuters sources, the government has reduced to 52.8 billion pounds (3.06 billion dollars) aid to oil materials in the draft budget for the next fiscal year, against about 89 billion pounds in this year's budget..
The Department of Finance announced in the semi-annual report on the adjustment of the dollar in this year's budget from 17.25 pounds to 18 pounds.
The Egyptian pound is witnessing a significant rise against the US dollar over the last period, reaching 17.39 pounds on sale, according to recent data from the Central Bank..
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