Egypt pound continues fall at dollar auction
Cairo, January 10, 2013
The Egyptian pound weakened at a central bank auction of dollars on Thursday, the eighth such sale since it introduced a new regime to reduce pressure on its currency.
The bank said the cut-off price at the auction was 6.5099 pounds to the dollar - a 0.47 percent fall from Wednesday when the cut-off price was 6.4797 pounds. The central bank said it had sold $49.1 million at the auction, less than the $50 million it had offered.
On the interbank market, the central bank limits trades to a 0.5 percent band above or below the weighted average of bids at the most recent currency auction. The weighted average weakened to 6.5099 pounds to the dollar from 6.4798 on Wednesday. – Reuters
More Finance & Capital Market Stories
- UAE’s non-oil job, output levels surge in April
- New Bahrain drive to aid young entrepreneurs
- Arabtec $650m rights issue to open on June 9
- LIC Bahrain sees 23pc premium growth in 2012
- Gold slips after Bernanke comments
- Xpress Money offers free life insurance
- BMI Bank-Al Salam boards back merger
- Islamic Development Bank triples capital
- Emirates NBD launches $1bn bond
- Kuwait budget surplus may hit $52 billion