Egypt central bank sells $38.9 mn at Wednesday forex auction

Reuters, Wednesday 12 Jun 2013

Egyptian pound sold at LE6.9813 to the dollar, weakening since Monday rate of LE6.9809, as central bank attempts to avoid currency crisis

Egypt's central bank sold $38.9 million to banks in a foreign exchange auction on Wednesday at a price of LE6.9813 to the dollar.

The cut-off price at the previous auction on Monday was LE6.9809.

On the black market, one dealer in central Cairo was offering to buy dollars for LE7.48 on Thursday and to sell dollars for LE7.51.

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 almost 11 percent of its value on the official market and even more on a newly re-emerged black market.

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