May 14, 2014 / 9:01 AM / 4 years ago

Egypt to hold exceptional forex sale to clear 'food backlogs'

CAIRO, May 14 (Reuters) - Egypt’s central bank will hold an exceptional foreign currency auction for $1.1 billion on Wednesday, it said in an emailed statement.

“This auction is intended to cover and clear all pending food backlogs to secure availability of staple food commodities over the coming period,” the bank said in the statement.

Egypt has been suffering from a sustained dollar shortage as political turmoil following the 2011 uprising against Hosni Mubarak which unnerved foreign investors and tourists, traditionally major sources of foreign currency. (Reporting By Shadia Nasralla; Editing by John Stonestreet)

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