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You are here: Home»Business»Banking & Finance»Egypt central bank sells $73.1mn at forex auction

Egypt-centra-bankCAIRO: 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.

Copyright Reuters, 2013


 



 
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Banking Review 2013


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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln