Home
Loading...
You are here:  Home  >  Business  >  Current Article

Central Bank sells $38.4m in forex auction

  /   No Comments   /   270 Views

Cut-off price stabilises at EGP 6.79

6-4 The cut-off price at the forex auction was EGP 6.7889 to the Dollar, very close to the cut-off price at the previous auction held on Thursday, which was at EGP 6.7881 to the dollar, signalling a relative stability in the Dollar price after the fall in demand (AFP Photo)

The cut-off price at the forex auction was EGP 6.7889 to the Dollar, very close to the cut-off price at the previous auction held on Thursday, which was at EGP 6.7881 to the dollar, signalling a relative stability in the Dollar price after the fall in demand
(AFP Photo)

The Central Bank of Egypt sold $38.4m of the earmarked $40m offered to banks at its 38th foreign exchange auction held on Monday.

The cut-off price was EGP 6.7889 to the Dollar, very close to the cut-off price at the previous auction held on Thursday, which was at EGP 6.7881 to the dollar, signalling a relative stability in the Dollar price after the fall in demand.

Since last December, the Central Bank has been holding forex auctions three times per week, a procedure that aims to lower the rate of depletion in foreign reserves, which hover at around $13.5bn compared to $36bn before the 25 January Revolution, and to resolve the currency crisis which has escalated due the rapid depreciation of the Egyptian pound, which has lost 9% of its value since the start of the year.

The auctions began by offering $75m, which was later reduced to $60m and then $50m, and eventually stabilised at $40m.


You might also like...

Photo of a Taba resort before the floods (Photo by Thoraia Abou Bakr)

‘Closure of hotels makes them vulnerable to robbery’: Hotel manager

Read More →