CBE offers $75 million to Egyptian banks on Wednesday

Ahram Online, Wednesday 2 Jan 2013

Central Banqk of Egypt
Egypt's central bank implemented new currency policy since December 30 (Phto: Reuters)

Egypt's Central Bank (CBE) said it offered to sell $75 million to banks on Wednesday, Reuters reported.

The CBE's auction is the third such transaction since the implementation of a new currency policy on Saturday which is designed to preserve the country's critically-low foreign reserves.

By midday Wednesday, the pound has maintained its value versus the dollar trading at Tuesday's level of LE6.42 to the dollar.  

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