The Finance Ministry will cut the exchange rate for customs the first time in four months to EGP 16.25 to the greenback, Finance Minister Amr El-Garhy told Reuters. The new rate, a drop from EGP 16.50, will come into effect from Tuesday. The reduction came in line with the “drop in the FX rate … the customs exchange rate is usually set at 90% of the FX rate,” the minister said.

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