Egypt pound slides again at 2nd central bank currency sale

Egypt pound slides again at 2nd central bank currency sale

By | 2012-12-31T12:41:30-04:00 December 31st, 2012|News|0 Comments
Egypt’s pound fell further at the central bank’s second auction of foreign currency under its new regime on Monday, with $74.8 million sold to banks at a cut-off price of 6.3050 Egyptian pounds.
 
This was weaker than the Sunday cut-off price of 6.2425.
 
The pound fell on the interbank market to a record low of about 6.30 to the dollar after Sunday’s auction.
 
The bank had offered $75 million at Monday’s auction. The auctions are part of a new currency regime designed to slow the depletion of the country’s foreign reserves, which the bank said had fallen to a critical level.