Central bank offers $75 mn at currency auction

Central bank offers $75 mn at currency auction

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Thu, 17/01/2013 - 15:45

The Central Bank of Egypt offered $75 million to banks on Thursday at its 11th foreign currency auction, the same amount it had offered at the last auction on Tuesday earlier this week.

The auctions are part of a shift in currency policy announced in late December and designed to curb a decline in the country's foreign reserves, which have fallen to a critical level. The central bank is holding three auctions this week, instead of daily sales.

The pound last traded at 6.58 against the dollar on the interbank market on Wednesday — 6 percent weaker than its value before the introduction of the central bank dollar auctions. The reserves stood at $15 billion in December.