ICEC

Egypt’s Pound Strengthens at Central Bank Currency Sale

Egypt’s pound edged stronger at a central bank foreign currency sale on Monday.

The central bank (CBE) sold $38.8 million with a cut-off price of 6.8800 Egyptian pounds per dollar versus 6.8802 pounds at its last sale on Oct. 10, the bank said. It had offered $40 million.

The central bank introduced currency sales, held three times a week, at the end of December to help to counter a run on the pound. It has been allowing the currency to appreciate since the army ousted Islamist President Mohamed Morsi on July 3.

Source: Reuters

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