December 31, 2012 / 10:30 AM / in 5 years

Egypt pound slides again at 2nd c.bank currency sale

CAIRO, Dec 31 (Reuters) - Egypt’s pound fell further at the central bank’s second auction of foreign currency under its new regime on Monday, with $74.8 million sold to banks at a cut-off price of 6.3050 Egyptian pounds.

This was weaker than the Sunday cut-off price of 6.2425. The pound fell on the interbank market to a record low of about 6.30 to the dollar after Sunday’s auction.

The bank had offered $75 million at Monday’s auction. The auctions are part of a new currency regime designed to slow the depletion of the country’s foreign reserves, which the bank said had fallen to a critical level.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below