Egypt accepts bids for $38.5m at forex auction
Cairo, April 15, 2013
The Egyptian central bank sold $38.5 million to banks in a foreign currency auction on Monday, with a cut-off price of 6.8765 Egyptian pounds to the dollar.
The cut-off price at an exceptional foreign currency auction held on Sunday to cover strategic food imports was 6.8720 pounds.
The central bank introduced the foreign exchange auctions at the end of December as part of an effort to stave off a currency crisis triggered by a run on the pound, which has lost around a tenth of its value since the start of the year.-Reuters