Egypt pound slides again at 2nd currency sale

Reuters, Monday 31 Dec 2012

The pound drops in the second currency auction to a cutoff price of 6.3050 to the dollar

Egypt's pound fell further at the central bank's second auction of foreign currency under its new regime on Monday, with $74.8 million sold to banks at a cut-off price of 6.3050 Egyptian pounds.

This was weaker than the Sunday cut-off price of 6.2425. The pound fell on the interbank market to a record low of about 6.30 to the dollar after Sunday's auction.

The bank had offered $75 million at Monday's auction. The auctions are part of a new currency regime designed to slow the depletion of the country's foreign reserves, which the bank said had fallen to a critical level.

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