The Finance Ministry is reportedly looking at moving to a floating exchange rate for customs, an unnamed government official tells Al Borsa. In a bid to stop the whining and gnashing of teeth immediately after the float, the ministry had directed the Customs Authority to set a monthly exchange rate for the calculation of duties. The fixed rate is presently set at EGP 18.50 using the previous month’s market exchange rate as a reference point. A switch to a floating rate raises some IT / tech infrastructure questions, but ultimately makes sense to us.

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