Reuters – The Egyptian pound strengthened at a central bank dollar auction on Monday after hitting a six-month low last week.
The central bank sold dollars at a cut-off price of EGP 6.9649, slightly stronger than the EGP 6.9651 at its last auction on Thursday. But the dollar sold on the black market for EGP 7.45 on Monday, weaker than Thursday’s rate of EGP 7.43. It traded around 7.30-7.40 for the last two months.
The central bank sold $38.3m at its dollar sale on Monday. It had offered $40m.
Egypt’s foreign currency reserves stood at $17.414bn in March. This compares with $17.307bn in February and $36bn before the uprising that led to the ouster President Hosni Mubarak in 2011.