The Ministry of Finance is discussing the possibility of stabilising the US dollar exchange rate at customs and subjecting it to review. According to government sources, the Ministry of Finance could review the exchange rate every two weeks or every month.
Sources refused to disclose what rate is being proposed, but added that it would be above EGP 15.
The value of the dollar at the Central Bank of Egypt (CBE) jumped to its highest level in Monday’s trading. The CBE decided to float the pound earlier this month, and the pound fell to EGP 17.85.
Companies relying on imported materials are suffering in the wake of the flotation, as production costs for many products including medicine and food commodities have risen.