Egypt offers $75 mln at 2nd currency auction

December 31, 2012 - 11:21:50 am
CAIRO: Egypt's central bank said it was offering to sell $75 million to banks on Monday at its second foreign currency auction, with a maximum of $11 million per bank.


The auctions are part of a shift in currency policy announced on Saturday and designed to conserve the country's foreign reserves, which the central bank said had fallen to a critical level.


The bank also offered $75 million at its maiden auction on Sunday.


It accepted bids worth $74.9 million, with a cut-off price for dollars of 6.2425 Egyptian pounds. This represented a substantial weakening of the pound, which was earlier bid in the interbank market on Sunday at 6.185 to the dollar. (Reuters)