May 9, 2013 / 10:11 AM / in 5 years

Egypt sells $38.6 mln at Thursday's forex auction

CAIRO, May 9 (Reuters) - Egypt’s central bank sold $38.6 million to banks in a foreign exchange auction on Thursday at a cut-off price of 6.9463 Egyptian pounds to the dollar.

The cut-off price at the previous auction on Wednesday was 6.9398 pounds.

On the black market, one dealer in central Cairo was offering to buy dollars for 7.45 pounds on Thursday and to sell dollars for 7.50 pounds.

The central bank introduced the auctions at the end of December to help stave off a currency crisis and thwart a run on the pound. Since then, the currency has lost almost 11 percent of its value on the official market and even more on a newly re-emerged black market.

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