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Egypt sells $39.6 mln at Monday's forex auction
March 4, 2013 / 10:31 AM / 5 years ago

Egypt sells $39.6 mln at Monday's forex auction

CAIRO, March 4 (Reuters) - The Egyptian central bank sold $39.6 million to banks in its 29th foreign currency auction on Monday, with a cut-off price of 6.7342 Egyptian pounds to the dollar.

The cut-off price at the previous auction, held on Thursday was 6.7304 pounds to the dollar.

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 8 percent of its value since the start of the year.

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