Egypt to set custom dollar for non-essential commodities at LE 15 in June

CAIRO – 28 May 2019: Egypt is expected to lower the custom dollar for essential and strategic commodities to LE 15 for $1 in the month of June 2019, compared to LE 16 for $1 in May, a governmental official source said.

He attributed this decision to the decline of the exchange rate of the dollar at the banks during the last 5 months.

The price of the customs dollar is subject to the exchange rate declared by the Central Bank and contributes to the increase in the value added tax of the provocative and recreational goods. The price is reviewed periodically, every month, and announced at the beginning of the month.

The custom dollar is the price by which the proportion of customs duties and taxes on imports of goods from abroad are calculated.

By end of November, the minister of finance announced liberalizing the custom dollar for non-essential commodities to the rate of dollar at banks, to hit then LE 18 for non-essential products, including cars, some kinds of shoes, furniture and cigarettes.

The exchange rate of the dollar at the banks according to the average of the Central Bank of Egypt (CBE) recorded LE 16.81 for buying and LE 16.91 for selling