Egypt's central bank offers $40mn at Thursday forex auction

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

The central bank introduced the foreign exchange auctions at the end of December in an effort to stave off a currency crisis triggered by political unrest.

Since then, it has allowed the pound to weaken by more than 11 percent against the dollar on the official market, while on the black market the currency has weakened by even more.