Egypt Lowers Customs Dollar Rate to EGP 16 Until end of FebruarySource: www.export-egypt.com 2/16/2017, Location: Africa |
|
|
|
|
|
Egypt's Ministry of Finance set the customs dollar evening at an exchange rate of EGP 16, effective as, state news agency.
The new rate reflects the recent leap in the Egyptian pound's value against the greenback, which currently registers an average of EGP 16.4 compared to an average of EGP 18.5 earlier this month. According to the ministry the new rate will remain in effect until the end of February and will then be revised. Last month, Egypt fixed the exchange rate of the customs dollar at EGP 18.5, after the pound's value weakened significantly to register more than EGP 19 against the dollar only one month after the Central Bank of Egypt (CBE) decided to float the pound. In November, the CBE freely floated the pound as part of an economic reform programme. Earlier this month, The CBE said the country's foreign reserves reached $26.3 billion at the end of January 2017, up from $24.2 billion in December 2016. The increase in foreign reserves came as Egypt received a total of $4 billion in yields from Eurobonds issued on the global bond market, in addition to the first tranche of a loan from the International Monetary Fund worth $2.75 billion -- part of a $12-billion financing package. Egypt held $36 billion in reserves before the 2011 uprising, which overthrew long-time president Hosni Mubarak, ushered in a period of political turmoil, scaring away tourists and foreign investors -- two key sources of foreign currency. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 9/19/2024 - Egypt is having a special participation at the IFTM-Top Resa exhibition, which lasts until Sept.19 in Paris.
Egypt’s pavilion has more than... |
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
|
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
Egypt >> 9/18/2024 - Benchmark index EGX 30 was up 0.61 percent to 30,342.46 points, with the Shariah index climbing by 0.20 percent to reach 2,879.64 points.
E... |
|
Egypt >> 9/18/2024 - The British company Globeleq is set to collaborate with the Egyptian government in establishing a substantial project for green hydrogen production, a...
|
Egypt >> 9/18/2024 - Deputy Prime Minister and Minister of Health and Population Khaled Abdel Ghaffar asserted the importance of cooperating with South Africa in the field...
|
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | |
