Supply Minister agrees with exchange companies on fixing daily dollar exchange rate

Minister of Supply and Internal Trade Khalid Hanafi had a meeting Monday with the head and members of the general division of exchange firms at the Federation of Egyptian Chambers of Commerce (FEDCOC) to set a fixed dollar exchange rate on a daily basis.

In a statement, the Supply and Internal Trade Ministry said the two sides agreed on coordinating with the importers division to daily notify it of the dollar exchange rate.

According to the statement, the division of the exchange firms will launch a website to announce the daily dollar exchange rate.

A hotline will be also established to receive complains and inquiries of citizens on the daily dollar exchange rate, the statement said.

Head of the division Mohammed el Abyad stressed the necessity of setting up interbank between Egypt's banks and 111 exchange companies and their 450 branches to avoid smuggling of non-dollar currency abroad and at the same time securing dollar cash at the Central Bank of Egypt, said the statement.

The minister, for his part, said the agreement on setting a fixed dollar exchange rate for the exchange firms will prevent speculations on dollar rate and boost stability in markets, it added.