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Thursday, 22 October 2020

Egypt's pound strengthens at central bank currency sale

Central bank sells $38.8 million at LE6.8800 per dollar during Monday foreign currency sale

Reuters, Monday 21 Oct 2013
The Central Bank of Egypt
The Central Bank of Egypt's headquarters in downtown Cairo (Photo: Reuters)
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Egypt's pound edged up against the dollar at a central bank foreign currency sale on Monday.

The central bank sold $38.8 million at a cut-off price of LE6.8800 per dollar, versus 6.8802 pounds at its last sale on 10 October, the bank said. It had offered $40 million.

The central bank introduced currency sales, held three times a week, at the end of December to help to counter a run on the pound.

It has been allowing the currency to appreciate since the ouster of the Islamist President Mohamed Morsi on 3 July.

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