The deputy Minister of Finance for tax policies, Amr El-Monayer, said that the new customs price of the US dollar would match the average of its price in the market.
He told Daily News Egypt that the ministry would revise and announce the new customs price of the US dollar on Wednesday, in order to help the importers know the prices, explaining that the revision of the prices happens according to the ministry’s decision.
It is important to mention that on 15 February, the ministry reduced the period of revising the customs US dollar to 15 days instead of 45.
El-Monayer added that the decision to keep the price stable for 15 days is important for a more stable market, as the pound’s value isn’t currently stable against the US dollar or foreign currencies in general.
However, he stated that the customs price of the dollar has to match the prices of the market.
It is important to mention that the current price of the US dollar is around EGP17.7 due to its unstable value, which witnessed more dropping in the past week, and this made the price of the dollar jump up from EGP16.
Deciding a stable customs price for the dollar came during January after the Central Bank of Egypt (CBE) floated the Egyptian pound on 3 November.
The new customs price of the dollar would be revised again on 31 March, to be applied in April.
El-Monayer stated that it is hard to predict the new customs price for the dollar; however, it would reflect the price of the market on Wednesday.