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Egypt central bank offers $75 mln at 2nd currency auction

Egyptian Central Bank announces its second US dollar auction to the local banks in its quest to conserve the country's foreign reserves

Reuters, Monday 31 Dec 2012
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Egypt's central bank said it was offering to sell $75 million to banks on Monday at its second foreign currency auction, with a maximum of $11 million per bank.

The auctions are part of a shift in currency policy announced on Saturday and designed to conserve the country's foreign reserves, which the central bank said had fallen to a critical level.

The bank also offered $75 million at its maiden auction on Sunday.

It accepted bids worth $74.9 million, with a cut-off price for dollars of 6.2425 Egyptian pounds. This represented a substantial weakening of the pound, which was earlier bid in the interbank market on Sunday at 6.185 to the dollar.

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