The Ministry of Finance has decided to set the Egyptian Pound to the US Dollar exchange rate at 18.64. Previously, the exchange rate was EGP 17 to the dollar. The decision entered into force on June 1st. The customs exchange rate is used specifically for customs and import taxes. Unlike the exchange rate in banks, which is set individually by each bank, the Ministry of Finance is solely responsible for setting the customs exchange rate. The latest increase is meant to correspond with March’s devaluation of the Egyptian currency against the dollar. The Ministry of Finance delayed implementing the increase to give importers sufficient time to adjust to the slight decrease in the Egyptian currency’s value against the dollar.