Egypt accepts bids for $38.8 mln at forex auction on Monday

CAIRO, April 8 Mon Apr 8, 2013 6:53am EDT

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CAIRO, April 8 (Reuters) - The Egyptian central bank sold $38.8 million to banks in a foreign currency auction on Monday, with a cut-off price of 6.8391 Egyptian pounds to the dollar.

The cut-off price at the previous auction held on Thursday was 6.8078 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 over 9 percent of its value since the start of the year.

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