Amr El-Garhy, the Minister of Finance, said on Sunday that the dollar price will likely be EGP 16 in the budget for fiscal year (FY) 2017/2018, which will start in July. El-Garhy told Daily News Egypt that the dollar exchange rate against the pound in the budget is still under discussion; however, it is expected to be EGP 16. We seek to make them reach EGP 10bn by the end of 2017, marking a return to their levels before 25 January 2011,” El-Garhy added. He expected electricity and petroleum subsidies to reach EGP 200bn, compared to EGP 135bn this year after the pound’s flotation. El-Garhy revealed the ministry’s estimation of the oil barrel price ranges between $55 and $75 per barrel in the budget of FY 2017/2018.

Source: Daily News Egypt March 20, 2017 13:41 UTC