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Egypt offers $75 mln at 12th currency auction

Egypt Central Bank offers $75 million in its latest auction on Sunday

Reuters, Sunday 20 Jan 2013

The Egyptian central bank offered $75 million to banks at its 12th foreign currency auction on Sunday, the same amount it offered at the last auction on Thursday.

The auctions are part of a shift in currency policy announced in late December and designed to save the country's foreign reserves, which have fallen to a critical level.

Last week, the bank held three sales instead of daily auctions.

The Egyptian pound has weakened by about 3.8 per cent on the interbank market since the end of December to reach 6.6028 to the US dollar.

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