Egypt Independent

Central Bank: Pound fell at dollar auction

The pound fell at a Central Bank of Egypt

auction of dollars Wednesday, the seventh such sale since it introduced a new regime to reduce pressure on its currency.

The bank said the cutoff price at the auction was LE6.4797 to the dollar — a 0.47 percent fall from Tuesday, when the cutoff price was LE6.4492. The Central Bank said it had sold US$49.6 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 Wednesday was LE6.4798 to the dollar.