Egypt scraps customs dollar; price to depend on CBE exchange rate

Daily News Egypt
1 Min Read

Egypt’s Ministry of Finance scrapped the customs dollar starting September and said that the daily custom dollar rate will depend on the normal exchange rates announced by the Central Bank of Egypt.

Government sources told Daily News Egypt that the decision was taken by the Minister of Finance, Mohamed Moeit, to unify procedures for all customs’ items.

In December 2018, Egypt announced ending the discounted customs exchange rate for some imported goods, which are considered non-essential.

Since January 2017, Egypt has set a monthly fixed customs exchange rate, following the flotation of the local currency in November 2016.

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