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Latest News

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

Egyptian-pounds-sukuk

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.

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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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