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Saturday, 05 December 2020

Egypt pound up on official market, weaker on black market

Central bank sold dollars at a cut-off price of LE6.9649, slightly stronger than the LE6.9651 at its last auction on Thursday

Reuters, Tuesday 8 Apr 2014
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The Egyptian pound strengthened at a central bank dollar auction on Monday after sinking to a six-month low last week, but it weakened on the black market.

The central bank sold dollars at a cut-off price of LE6.9649, slightly stronger than the LE6.9651 at its last auction on Thursday. But the dollar sold on the black market for LE7.45 on Monday, weaker than Thursday's rate of LE7.43. It traded around 7.30-7.40 for the last two months.

The central bank sold $38.3 million at its dollar sale on Monday. It had offered $40 million.

Egypt's foreign currency reserves stood at $17.414 billion in March. That compares with $17.307 billion in February and $36 billion before the uprising that led to the ouster of president Hosni Mubarak in 2011.

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