Egypt Suspends Work with Customs Dollar

The Egyptian Ministry of Finance announced that it will suspend work with customs dollar, starting September 1.

The Ministry added in a statement on Sunday that it will start operating with the foreign exchange rates announced by the Central Bank of Egypt (CBE) while estimating customs duties on imports of all classifications.

The CBE restored the original article scheduled under the customs law due to the disappearance of exceptional circumstances that prompted the government to deal with the customs dollar.

However, after the stability of foreign exchange rates to prices close to the rate of the customs dollar, the bank announced the suspension of its handling.

"The past months have seen the stability of foreign exchange rates, resulting in convergence with the rate of the customs dollar," the Central Bank said.

The ministry added that stabilization of the customs dollar rate during the last period was essential, aimed at achieving stability in the prices of goods in the local market in the wake of liberalization of the exchange rate, and fluctuation of the dollar and other foreign currencies against the Egyptian pound.

In the meantime, the ministry confirmed that the customs exchange rate for public holidays will be traded at the last closing price announced by the Central Bank, on the last working day.