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Egypt's pound weakens for second day on official, black markets
March 27, 2014 / 10:27 AM / 4 years ago

Egypt's pound weakens for second day on official, black markets

CAIRO, March 27 (Reuters) - 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)

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