Egypt sells $38.4 mln at forex auction on Monday

Reuters, Monday 20 May 2013

Auction saw cut-off price of dollar rise to LE6.972 from LE6.966 at last Wednesday's auction

A man stands outside an exchange bureau in Cairo (Photo: Reuters)

Egypt's central bank sold $38.4 million to banks in a foreign exchange auction on Monday at a cut-off price of 6.972 Egyptian pounds to the dollar. The cut-off price at the previous auction on Wednesday was 6.966 pounds.

On the black market, one dealer offered to buy dollars for 7.40 pounds and to sell dollars at 7.45 pounds, slightly stronger than a rate of 7.30/37 quoted on Thursday.

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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