#Egypt central bank accepts bids worth $38.3 m at forex sale

Egypt‘s central bank sold $38.3 million to banks in a foreign exchange auction on Monday at a cut-off price of 6.9245 Egyptian pounds to the dollar.

The cut-off price at the previous auction on Wednesday was 6.9163 pounds. A dealer on the black market in central Cairo was offering to buy dollars at 7.55 pounds on Monday morning and to sell dollars for 7.5 pounds.

The central bank introduced the auctions at the end of December to help stave off a currency crisis and thwart a run on the pound. The currency has lost around a tenth of its value on the official market since the start of the year and even more on the newly re-emerged black market.


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