Customs dollar hits highest rate in Egypt’s history at LE19.3

Newspaper Title: https://www.egyptindependent.com/

Newspaper Number:

Thursday - 8 September 2022

The Egyptian Ministry of Finance raised to the price of the customs dollar used for import deals in Egypt to LE19.31.

The rate is the highest customs dollar price ever in Egypt, exceeding the price set in 2016.

This price has been applied to import deals starting, Thursday, September 8, 2022.

The latest rise of the customs dollar price was on August 11, when it recorded LE19.19.

The continued rise in the price of the customs dollar and the suspension of letters of credit for importers causes a significant increase in the prices of imported goods, Matta Bishay, Head of the Internal Trade Committee of the Importers Division of the General Federation of Chambers of Commerce, said.

Bishay explained that the customs dollar prices is the price of the dollar against the Egyptian pound that the customs authorities use to determine the value of imported goods in order to calculate customs duties.

The rate of increase so far on goods, after raising the dollar price in banks and the customs dollar, has reached 30 percent since March, he said.