The price of the customs dollar was set at 16 pounds, since Egypt re-set its price on March 22nd.
Several years ago, under the current Finance Minister, Mohamed Maait, the government stopped setting customs rates for the dollar and the rest of the currencies, and left the matter linked to the exchange rate in banks, supply and demand.
On Saturday evening, the Egyptian Customs Authority circulated a leaflet, a copy of which was obtained by Sky News Arabia, specifying the exchange rate of foreign currencies at various ports in Egypt.
The publication included that “the new price of the customs dollar and various other currencies against the pound is determined based on the approval of the Minister of Finance issued on April 28,” according to the customs law.
According to an official Source in the Egyptian Customs Authority, who spoke earlier to “Sky News Arabia”, the goal of re-establishing customs rates for foreign currencies aims to control the prices of imported goods and not leave them subject to severe inflation, after the Central Bank’s decision on March 21 to raise the price of imported goods. Interest on deposits and borrowings, which resulted in a significant increase in the price of the dollar against the pound.
The Source stressed that “import operations are currently governed by a set of government measures, which make them directed primarily to the necessary and basic commodities that the country needs.”
The Ministry of Finance is scheduled to issue a monthly approval specifying the customs dollar price applied in import operations from abroad.