Egyptian pound falls at 16th currency auction

Ahram Online, Thursday 31 Jan 2013

Local currency slides to LE6.682 against the US dollar at central bank auction on Thursday

Egyptian pound falls
(Photo: Reuters)

The Egyptian central bank offered $50 million to banks at its 16th foreign currency auction on Thursday.

The cut-off price at the auction was LE6.682, down from LE6.6525 on Tuesday. The auction saw $48.7 million sold to local banks, which was less than the $50 million it had initially offered.

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. The bank decided two weeks ago to holding three auctions per week, instead of daily sales.

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