Egyptian Finance Minister Amr Al-Jarhi announced on Sunday the reduction of the dollar to 16.25 pounds from 16.5 pounds for one month from the first of August.
Al-Jarhi added that the decision to reduce the price of the customs dollar was "in line with the movement of the currency price down during the last period."
The Egyptian minister pointed out that "the dollar customs is about 90 percent of the price of the currency in the market," This is the first reduction of the customs dollar after the installation for 4 months.
The customs dollar shall specify the value of the fees paid by the importer in local currency equivalent to the dollar fees imposed on him for the customs release of the imported goods.
The price of the Egyptian currency against the dollar is around 17.80 pounds in most Egyptian banks.
The liberalization of the exchange rate in Egypt last November led to an extraordinary jump in prices.