Egypt Sells $38.5 Mln At Forex Auction

Egypt’s Central Bank sold $38.5 million to banks in a foreign exchange auction on Wednesday, with the cut-off price weakening to 6.9731 Egyptian pounds to the dollar from 6.972 at Monday’s auction.

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, it has allowed the currency to weaken by 11 percent against the dollar on the official market. It has fallen even further on the black market.

Reuters