March 29, 2018 / 2:29 PM / 4 months ago

Egypt 2018/19 budget assumes rate of 17.25 Egyptian pounds to dollar - PM

CAIRO, March 29 (Reuters) - Egypt’s 2018-2019 budget will assume an exchange rate of 17.25 Egyptian pounds per U.S. dollar and an oil price of 67 dollars a barrel, Prime Minister Sherif Ismail told reporters on Thursday.

The pound halved in value after Egypt floated the currency in November 2016, and has barely strengthened since then despite an improvement in some economic indicators.

Reporting by Momen Saeed Atallah; Writing by Nadine Awadalla Editing by Gareth Jones

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