Egypt c.bank offers $75 million at 9th currency auction
Sunday, 13 January 2013
CAIRO: Egypt's central bank said on Sunday it was offering to sell $75 million to banks at its ninth foreign currency auction, with a maximum of $11 million per bank.
The auctions are part of a shift in currency policy announced in late December and designed to save the country's foreign reserves, which had fallen to a critical level.
The bank accepted bids worth $74.8 million with a cut-off price for dollars of 6.5299 Egyptian pounds. The Egyptian pound has weakened by about 5 percent on the interbank market to 6.57 to the dollar over the last two weeks. (Reuters)