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Egypt accepts bids for $38.4 mln at forex auction on Monday
March 25, 2013 / 10:06 AM / 4 years ago

Egypt accepts bids for $38.4 mln at forex auction on Monday

CAIRO, March 25 (Reuters) - The Egyptian central bank sold $38.4 million to banks in its 38th foreign currency auction on Monday, with a cut-off price of 6.7889 Egyptian pounds to the dollar.

The cut-off price at the previous auction, held on Thursday, was 6.7881 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 9 percent of its value since the start of the year.

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