The EGP continued its slide yesterday, changing hands at an average of EGP 18.23 to the USD, with the punditocracy saying the greenback is strengthening thanks to our insatiable appetite for seasonal imports for Ramadan. Meanwhile, the Finance Ministry has raised the exchange rate for customs to EGP 17 per USD 1 yesterday, according to Reuters, in line with market predictions. The rate, which was raised from EGP 15.75 per USD 1, will be in place until 30 March when it will be reviewed by the ministry.

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