Last Update 1:8
Wednesday, 18 September 2019

Egypt central bank sells $38.3 mn at forex auction

Central Bank of Egypt auctions off $38.5 million on Wednesday as local currency gains value on black market

Reuters, Wednesday 15 May 2013
Share/Bookmark
Views: 572
Share/Bookmark
Views: 572

Egypt's central bank sold $38.3 million to banks in a foreign exchange auction on Wednesday at a cut-off price of LE6.9591 to the dollar. The cut-off price at the previous auction on Thursday was LE6.9545.

The pound strengthened on the black market, with dealers in central Cairo offering to buy dollars for LE7.30 pounds on Wednesday and to sell dollars for LE7.40. Earlier this week, a dealer quoted 7.45/55.

The central bank introduced the auctions at the end of December to help stave off a currency crisis and thwart a run on the pound. Since then, the currency has lost 11 percent of its value on the official market and even more on a newly re-emerged black market.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.