Egyptian Finance Minister Mohamed Maeit said on Sunday that raising the price of the customs dollar for non-basic and entertainment goods is in the interest of citizens and national industries. In a press conference, Maeit added that the price of the customs dollar remained stable for about 13 months at LE 16 pounds, since the decision to float the Egyptian pound’s exchange rate. The US dollar exchange rate currently stands at LE 17.86 for buying and LE 17.95 for selling, according to CBE exchange rates. Maeit pointed out that the price of customs dollar for non-essential and entertainment goods should have been reviewed earlier in favor of reform and for the benefit of citizens and industry. He added that the lists of non-essential goods will be reviewed monthly to follow up on the inflationary effects resulting from the decision to liberalize the price of the customs dollar for non-essential goods.

Source: Egypt Independent December 02, 2018 14:03 UTC