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Egypt CBE accepts bids for $38.4 mn at forex auction on Monday

Egypt central bank sells $38.4 million to banks in a foreign currency auction

Reuters, Monday 25 Mar 2013
Views: 755
Views: 755

The Egyptian central bank sold $38.4 million to banks in its 38th foreign currency auction on Monday, with a cut-off price of 6.7889 Egyptian pounds to the dollar.

The cut-off price at the previous auction, held on Thursday, was 6.7881 pounds to the dollar.

The central bank introduced the foreign exchange auctions at the end of December as part of an effort to stave off a currency crisis triggered by a run on the pound, which has lost 9 percent of its value since the start of the year.

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