CAIRO Dec 30 Egypt's central bank said it was
offering $75 million at its first foreign currency auction on
Sunday, with a maximum $11 million per bank.
The auction is part of a new currency regime the bank
announced on Saturday to conserve its foreign reserves, which it
said have fallen to a critical level.
Under the regime, Egyptian banks will not be able to hold
long positions in U.S. dollars of more than 1 percent of their
capital, down from a previous 10 percent, corporate clients will
be limited to daily cash withdrawals of $30,000 and individuals
who purchase foreign currencies will be charged a 1-2 percent
administrative fee, bankers said.