Egypt to keep customs exchange rate at 16 pounds in November

Egypt will keep its customs exchange rate unchanged at 16 pounds per dollar for November, the finance ministry said on Tuesday.

“The decision to keep the customs exchange rate unchanged is in line with the stable currency rate in the past period and the stability of the Egyptian economy,” Finance Minister Amr El Garhy said in the statement.

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

The pound has gradually strengthened in recent weeks, standing at about 17.63 to the dollar on Tuesday, up from about 17.71 last month.