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Egypt to stop discounted customs exchange rate for some imports


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CAIRO, Nov 30 (Reuters) - Egypt is set to end a discounted customs exchange rate in December for imports of goods that are considered non-essential, the finance minister said on Friday.

Egypt began setting a monthly fixed customs exchange rate in January last year, following the flotation of its pound currency in November 2016.

In recent months the customs rate for all goods had been set at 16 Egyptian pounds to the dollar. On the currency market, Egypt's pound has held steady in a narrow range of 17.78 to 17.98 to the dollar over the last six months.

The non-essential goods include tobacco products, alcohol, pet food and cosmetics, the statement said.

Some goods, such as mobile phones and computers that are exempt from customs taxes, goods including furniture and shoes that are manufactured locally, and cars and motorbikes, will also be subject to the new rate.

Industrial and agricultural raw products will still be imported at the discounted rate, according to the finance minister's statement.




This article appears in: World Markets , Economy



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