Egypt’s central bank will offer $120 million in regular auction

Egypt will sell $120 million on Tuesday in its regular weekly dollar auction, central bank data showed.

Speculation has been mounting that the central bank would devalue its currency amid a rapidly weakening rate on the black market.

Bankers and economists have said a devaluation could come in an exceptional auction for a quantity of dollars greater than the usual $120 million sold weekly.

The rate for Tuesday’s auction has not yet been specified.

Source: Reuters