CAIRO, Feb 6 (Reuters) - Egypt’s central bank said on Wednesday it had accepted bids worth $49.6 million with a cut-off price of 6.7020 Egyptian pounds to the U.S. dollar at a foreign currency auction.
The cut-off price at the previous auction, held on Monday, was 6.6920.
Wednesday’s was the 18th foreign currency auction. The auctions are a bid to curb a decline in Egypt’s foreign reserves, which the central bank said in December had fallen to a critical level. Foreign reserves fell further to $13.6 billion at the end of January, the central bank said on Tuesday.