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Egypt pound weakens further at third central bank’s currency sale


Egypt's pound continued its slide at the central bank's third auction of foreign currency under its new regime on Wednesday, with $75 million sold to banks at a cut-off price of 6.3510 Egyptian pounds.


January 2, 2013 3:24 by

This was weaker than the Sunday cut-off price of 6.3050 to the U.S. dollar. The pound fell on the interbank market to a record low of about 6.355 to the dollar after Monday’s auction. Tuesday was a bank holiday.


The central bank had offered $75 million at Monday’s auction. The auctions are part of a new currency regime designed to slow the depletion of the country’s foreign reserves, which the bank said had fallen to a critical level. (Reporting by Patrick Werr; Editing by Catherine Evans)




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