Finance Ministry sets custom rate at EGP 16 for the USD 1, customs revenues reach EGP 14.5 bn

The Finance Ministry has revised its exchange rate for customs duties to EGP 16.00 per USD from EGP 18.50 per greenback, Al Borsa reports. The ministry will also review the exchange rate to be used to calculate customs every 15 days instead of every 45 days, as had been the practice. The story was also picked up by Reuters, which said the rate came on the back of “significant strengthening” of the EGP in recent days. Customs revenues reportedly topped EGP 14.5 bn during the first seven months of FY2016-17, with the Customs Authority budgeting for inflows of EGP 27.4 bn throughout the fiscal year, unnamed government sources tell Al Borsa.