The Finance Ministry decided to revert to setting the monthly customs exchange rate on a daily basis according to FX rates announced by the Central Bank of Egypt (CBE), Invest-Gate reports.

The daily rate system came into effect as of September 1, according to the ministry’s official press release.

The government introduced the monthly customs exchange rate as an “exceptional measure” to stabilize the customs rate following the EGP float and currency volatility, the ministry said.

The ministry added, “Now, the foreign currencies exchange rates announced by the central banks have stabilized, and have converged with the customs dollar rate.”

The customs duties were estimated at the rate of EGP 16.6230 to the one dollar on Monday, a bulletin issued by the Customs Authority said on September 1.

In August, CBE announced that the Monetary Policy Committee (MPC) has decided to cut interest rates by 150 basis points, marking the first cut in six months or since February.