Reuters logo
Egypt c.bank offers $75 mln at 2nd currency auction
December 31, 2012 / 8:15 AM / 5 years ago

Egypt c.bank offers $75 mln at 2nd currency auction

CAIRO, Dec 31 (Reuters) - Egypt’s central bank said it was offering to sell $75 million to banks on Monday at its second foreign currency auction, with a maximum of $11 million per bank.

The auctions are part of a shift in currency policy announced on Saturday and designed to conserve the country’s foreign reserves, which the central bank said had fallen to a critical level.

The bank also offered $75 million at its maiden auction on Sunday.

It accepted bids worth $74.9 million, with a cut-off price for dollars of 6.2425 Egyptian pounds. This represented a substantial weakening of the pound, which was earlier bid in the interbank market on Sunday at 6.185 to the dollar.

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