Egypt pound continues fall at dollar auction

Cairo, January 10, 2013

The Egyptian pound weakened at a central bank auction of dollars on Thursday, the eighth such sale since it introduced a new regime to reduce pressure on its currency.

The bank said the cut-off price at the auction was 6.5099 pounds to the dollar - a 0.47 percent fall from Wednesday when the cut-off price was 6.4797 pounds. The central bank said it had sold $49.1 million at the auction, less than the $50 million it had offered.

On the interbank market, the central bank limits trades to a 0.5 percent band above or below the weighted average of bids at the most recent currency auction. The weighted average weakened to 6.5099 pounds to the dollar from 6.4798 on Wednesday. – Reuters

Tags: Egypt | Central Bank | Cairo | Pound |