Egypt denies media reports on fixing dollar price in 2018/19 state budget

Egypt’s Finance Ministry denied media reports about fixing price of the exchange rate of the US dollar in the 2018-19 budget at EGP 17.46.

The ministry said it used the average price of the exchange rate set by the Central Bank of Egypt from March 1 to 15 when it drafted the 2018-19 budget.

It added that the draft national budget was submitted to the Cabinet which approved it on Wednesday.

It will be sent to the parliament for approval later this month, it pointed out.