Egypt fixes customs dollar exchange rate

CAIRO: Egypt will fix its customs dollar exchange rate and adjust it on a monthly basis to help importers better cope with pricing of their products after the central bank floated its currency in November.

The Finance Ministry fixed the customs exchange rate at 18.5 pounds per dollar until the end of February and said it will review the rate each month, state news agency MENA reported late on Monday.

But importers seemed unimpressed with the move, saying on Tuesday the new fixed price, which is close to the dollar price at the banks, falls short of their expectations.