CAIRO, March 27 Egypt's pound weakened for a
second straight day at a central bank foreign currency auction
and on the black market on Thursday.
The central bank sold $38.3 million to banks with a cut-off
price of 6.9576 pounds on Thursday, a weaker rate than
Wednesday's 6.9525 pounds.
A trader on the parallel market said the pound also weakened
on the black market to 7.42 pounds on Thursday, from 7.37 pounds
the day before.
The pound has been under pressure during three years of
political turmoil. Egypt's foreign currency reserves stood at
about $17.3 billion pounds in February, down from $36 billion
before the uprising that led to President Hosni Mubarak's
overthrow in 2011.
The central bank introduced dollar currency sales more than
a year ago. In January, it held a $1.5 billion exceptional
auction, its largest, to restock the market with dollars and
curb unofficial currency trading.
(Reporting by Asma Alsharif; Editing by Larry King)