Egyptian pound falls at 16th currency auction

Local currency slides to LE6.682 against the US dollar at central bank auction on Thursday

Ahram Online, Thursday 31 Jan 2013

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(Photo: Reuters)

The Egyptian central bank offered $50 million to banks at its 16th foreign currency auction on Thursday.

The cut-off price at the auction was LE6.682, down from LE6.6525 on Tuesday. The auction saw $48.7 million sold to local banks, which was less than the $50 million it had initially offered.

The auctions are part of a shift in currency policy announced in late December and designed to save the country's foreign reserves, which have fallen to a critical level. The bank decided two weeks ago to holding three auctions per week, instead of daily sales.

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Itidal Abuagha

01-02-2013 09:05am

currency depreciation

This devaluation can help in making exports more competitive in the international economy. However the shrinking world economy and the political unrest, both will widen up the deficit......more than one policy have to be used..

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