Egypt’s Pound Strengthens at CBE’s Sale, Dollar’s Buy Price Below EGP7

The Egyptian pound strengthened at the central bank sale of foreign exchange on Thursday as the US dollar’s price dipped to EGP 7.0258 for selling and EGP 6.9957 for buying – the lowest since last May.

The central bank of Egypt said it sold $40 million to local banks on Thursday.

The central bank introduced the currency sales, held three times a week, at the end of December to help stave off a currency crisis and thwart a run on the pound.

Since its launch, the CBE has pumped US$ 2.820 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised two exceptional FX Auction totaled at US$ 1.4 billion divided into two FX Auctions, one on April 15th worth US$600 million and another on May 22nd at value of US$ 800 million.

On the black market, the Egyptian pound also strengthened, with one dealer offering to sell dollars for 7.10 pounds and buy for 7.8 pounds.