Egypt central bank sells $73.1mn at forex auction

CAIRO: Egypt's central bank said on Monday it accepted bids worth $73.1 million with a cut-off price of 6.6920 Egyptian pounds to the dollar at its 17th foreign currency auction.

The cut-off price at the previous auction, held on Thursday, was 6.6820.

The auctions are a bid to curb a decline in Egypt's foreign reserves, which the central bank said in December had fallen to a critical level.

The reserves are hovering around $15 billion, covering roughly three months' worth of imports.