Egypt offers $50 million at Thursday forex auction

January 10, 2013 - 11:58:55 am
CAIRO: The Egyptian central bank offered $50 million to banks at a foreign currency auction on Thursday, bringing the total amount it has offered since it introduced a new system aimed at getting a currency crisis under control to $520 million.

The bank offered $75 million during the first week of the auctions, which were introduced on Dec. 30, but this week began reducing their size.

The Egyptian pound has weakened by about 5 percent on the interbank market to 6.51 to the U.S. dollar in the last two weeks. The reserves stood at $15 billion in December. (Reuters)