CAIRO: The Egyptian central bank offered $60 million to banks at a foreign currency auction on Tuesday, the same amount it offered at its previous auction on Sunday under a new system aimed at curbing a decline in foreign reserves.
The Egyptian pound has weakened by more than 4 percent on the interbank market since the system was introduced on Dec. 30. The central bank auctioned a total of $300 million in similar auctions last week.
Banks were closed on Monday for a public holiday marking Coptic Christmas.
The pound weakened to 6.45 against the dollar on Sunday, compared to about 6.185 to the dollar before the system was brought in. The result of Tuesday's auction is expected at 1000 GMT.
The currency has lost more than a tenth of its value since Hosni Mubarak was removed from power in February, 2011, hit by political turbulence during the political transition. (Reuters)