Egypt central bank offers $40mn at forex auction

CAIRO: Egypt's central bank said it would offer $40 million to banks on Thursday at its 28th auction of foreign currency.

The maximum value of three bids each bank will be allowed to submit could be no more than $6 million, it said in a statement.

The central bank sold $38 million to banks on Wednesday at the last such auction, with a cut-off price of 6.7292 Egyptian pounds to the dollar.

The central bank introduced the regular dollar auctions in late December in an effort to stave off a currency crisis triggered by political unrest. Since then, the pound has lost more than 8 percent of its value against the dollar.