Egypt will keep its customs exchange rate unchanged, Invest-Gate reports.

Customs exchange rate will remain at EGP 16 per USD during the month of October, Finance Minister Amr El-Garhy said in an official statement.

The country lowered its customs exchange rate to EGP 16 per USD from EGP 16.25 during the month of September, El-Garhy announced earlier.

Egypt began setting a monthly fixed customs exchange rate in January, following the floatation of its local currency in November. It has since set it each month.