Egyptian Pound strengthens at Dollar sale

Daily News Egypt
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A woman walks past a foreign exchange store in Cairo. Egypt's pound gained slightly at a central bank foreign- currency sale on Monday (AFP Photo)
A woman walks past a foreign exchange store in Cairo. Egypt's pound gained slightly at a central bank foreign- currency sale on Monday (AFP Photo)
A woman walks past a foreign exchange store in Cairo.
Egypt’s pound gained slightly at a central bank foreign- currency sale on Monday
(AFP Photo)

Reuters – Egypt’s pound gained slightly at a central bank foreign- currency sale on Monday.

The central bank said it sold $38.8 million to banks at the auction, with a cut-off price of 6.8776 pounds to the dollar, compared with 6.8778 at the sale on Thursday.

The central bank introduced dollar sales last December to help counter a run on the pound. It has burned through at least $20 billion of its reserves supporting the pound since Egypt’s 2011 popular uprising, which hit tourism revenues and foreign investment

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