Egypt to lower customs exchange rate to 16.25 pounds/dollar -finmin

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CAIRO (Reuters) – Egypt will lower its customs exchange rate to 16.25 pounds per dollar from 16.50, effective from Tuesday, Finance Minister Amr El-Garhy told Reuters on Sunday.

The new rate will be set for one month, he said, in what is the first such drop in four months.

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.

Reporting by Ehab Farouk; writing by Nadine Awadalla; editing by Jason Neely

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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