June 28, 2017 / 8:00 PM / in 5 months

Egypt to keep customs exchange rate at 16.5 pounds/dlr in July

CAIRO, June 28 (Reuters) - Egypt will keep its customs exchange rate steady at 16.5 pounds per dollar for July, Deputy Finance Minister for fiscal policies, Amr al-Munir, told Reuters on Wednesday.

Egypt’s annual inflation rate has soared since it floated its currency at 8.8 per dollar last November. Inflation eased a bit in May but remained close to 30 percent, a number that is unlikely to ease pressure on the government of President Abdel Fattah al-Sisi over the economy.

The exchange rate in Egyptian banks is around 18 pounds per dollar.

To try to help stabilise the currency after it was floated, the central bank raised interest rates by 300 basis points, and by a further 200 points in May. (Reporting by Ehab Farouk; Writing by Amina Ismail; editing by John Stonestreet)

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