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CAIRO — The Egyptian Ministry of Finance earlier this month announced the scrapping of the customs dollar exchange rate it had set in 2017. Going forward, the rate will be floated.
The Sept. 1 statement noted that the customs exchange rate had only been temporarily fixed to stabilize commodity prices on the domestic market following flotation of the Egyptian pound as part of IMF-mandated reforms in 2016, and due to the volatility of the dollar.
