Egypt cbank says Thursday forex auction for sale of $300 mln

Reuters , Thursday 7 May 2015

Egypt Central Bank's governor, Hisham Ramez (Photo: Al-Ahram)

Egypt's central bank said its foreign exchange auction on Thursday would be for the sale of $300 milllion.

The amount offered will be "directed to cover a pending backlog due for payment for the import of raw materials, production requirements and spare parts," the bank said in a statement.

The central bank used to offer about $40 million at each of their auctions during the week. It said earlier its auctions would now be held three days a week, down from four.

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