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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