Dollar exchange rate in budget to be announced in March

The average exchange rate of US dollar against the Egyptian pound in the state budget, will be announced in March each year before referring it to the House of Representatives, the Ministry of Finance said on Monday.

It added that determining the dollar exchange rate is based on rules and procedures related to economic performance, growth rate and other measures.

The state budget deficit is EGP 319 billion in the 2015-2016 FY, not EGP 340 billion as it has been circulated, said Head of state general budget sector at the Ministry of Finance Mohamed Abdell Fattah.

The actual deficit will be announced once the general budget final account is finalized, he assured.

Meanwhile, the ministry pointed out that the government has adopted several reform measures that aim at rationalizing public expenditure and increasing state resources with a view to shrinking state budget deficit.