Egypt will lower its customs exchange rate to 16 pounds per dollar from 16.25, effective Sept. 1, Finance, Minister Amr El-Garhy, told Reuters Monday.

The new rate will be set for one month, El-Garhy said.

Egypt began setting a monthly fixed customs exchange rate in January following the flotation of its currency in November.

The Egyptian pound traded at about 17.7 pounds to the dollar Monday.