Egypt’s Central Bank sells $420 million in Interbank Market

Egypt’s central bank said on Sunday it sold $420 million in the interbank market, after a regularly held dollar auction did not take place.

The bank said in a statement that the sale was made to meet outstanding demand for staple commodities, raw materials and pharmaceuticals, but it did not give further details.

Central bank governor Hisham Ramez told Reuters the bank would continue to use the interbank market “in the coming period” alongside regular dollar auctions.

The central bank typically holds dollar auctions of $40 million every Sunday, Monday, Wednesday and Thursday.

It let the Egyptian pound weaken in dollar auctions earlier this year in an effort to wipe out black market trading and bolster the economy.

Source: Reuters