Egypt c.bank offers $75 mln at 3nr currency auction
Wednesday, 02 January 2013
CAIRO: Egypt's central bank said it was offering to sell $75 million to banks at a currency auction on Wednesday, its third since it introduced a new currency regime to stem a drain on its foreign reserves.
The bank offered $75 million at auctions on Sunday and Monday and accepted almost the entire amount. The cut-off price for dollars on Monday was 6.305 Egyptian pounds, a substantial weakening of the currency, which closed in the interbank market on Thursday at about 6.185 to the dollar.
The central bank said on Saturday that reserves had fallen to a critical level. (Reuters)