Egypt cbank offers $75m at currency auction
Cairo, January 13, 2013
Egypt's central bank said on Sunday it was offering to sell $75 million to banks at its ninth foreign currency auction, with a maximum of $11 million per bank.
The auctions are part of a shift in currency policy announced in late December and designed to save the country's foreign reserves, which had fallen to a critical level.
The bank accepted bids worth $74.8 million with a cut-off price for dollars of 6.5299 Egyptian pounds. The Egyptian pound has weakened by about 5 percent on the interbank market to 6.57 to the dollar over the last two weeks. – Reuters
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