CAIRO Jan 15 The Egyptian central bank offered
$75 million to banks at its 10th foreign currency auction on
Tuesday, the same amount it had offered at the last auction on
Sunday earlier this week.
The auctions are part of a shift in currency policy
announced in late December and designed to save the country's
foreign reserves, which have fallen to a critical level. The
bank is holding three auctions this week, intead of daily sales.
The Egyptian pound has weakened by about 3.2 percent
on the interbank market to 6.526 to the U.S. dollar since the
start of January. The reserves stood at $15 billion in December.