Importers division wants cheaper USD, fixing for at least three months

The importers division at the Federation of Chambers of Commerce has rejected the government’s fixing of the customs USD exchange rate at EGP 18.5 per USD 1 until February, Al Mal said. The division believes the rate should be closer to EGP 16 per USD 1 and wants the government to fix the rate for “at least three months” to preserve “balance and market stability.” The government has also set the rate for the EUR and GBP at EGP 19.7 and EGP 23.1, respectively, according to Al Borsa.