Egypt raises customs dollar exchange rate nearly 10%

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The decline in EGP against USD came in line with the Central Bank of Egypt’s (CBE) decision to increase interest rates by 100 basis points

Staff Writer, Mubasher

June 2, 2022

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Cairo – Egypt's Ministry of Finance has increased the customs US dollar price by 9.64% to EGP 18.64 from EGP 17 as of Wednesday, 1 June this year, Ahram Gate reported.

It is worth noting that last March, the Egyptian pound fell by 14% against the dollar, marking the sharpest plunge in five years.

The decline in EGP against USD came in line with the Central Bank of Egypt’s (CBE) decision to increase interest rates by 100 basis points.

On 19 May, the CBE raised interest rates by 2% in line with the economic repercussions of the Russian-Ukrainian war.

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