BREAKING NEWS

Egypt central bank offers $75m. at 2nd currency auction

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.
Subscribe for our daily newsletter
Subscribe for our daily newsletter

By subscribing I accept the terms of use and privacy policy