Egypt sells $38.5 mln at forex auction

Reuters, Monday 13 May 2013

Central bank of Egypt says it sold $38.5 million at cut-off price of LE6.9545

Egypt's central bank sold $38.5 million to banks in a foreign exchange auction on Monday at a cut-off price of LE6.9545 to the dollar. The cut-off price at the previous auction on Thursday was LE6.9463.

On the black market, one dealer in central Cairo was offering to buy dollars for LE7.45 pounds late on Sunday and to sell dollars for LE7.55.

The central bank introduced the auctions at the end of December to help stave off a currency crisis and thwart a run on the pound. Since then, the currency has lost 11 percent of its value on the official market and even more on a newly re-emerged black market.

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