All
 

 

Just in:  

You are here: Home»Markets»FXMM»Middle East & Africa»Egypt pound holds big gains vs dollar after huge central bank dollar sale

imageCAIRO: The Egyptian pound held onto big gains against the dollar on the black market on Tuesday, a day after the central bank sold $1.5 billion at its largest ever exceptional foreign currency auction, traders said.

Two market participants told Reuters on Tuesday the dollar has been offered for 7.20 to 7.25 pounds since the central bank auction. Before the central bank restocked the market with much-needed dollars, the dollar had been offered for around 7.37 Egyptian pounds on the black market.

A central bank official said on Monday the timing of the auction was important in light of the price of the dollar in the black market and the volume of orders at banks to provide for strategic products.

The auction, which ended with a cut-off price of 6.9518 pounds to the dollar, dwarfed the $40 million currency sale Egypt holds three times a week. It was also larger than the $1.3 billion the central bank offered at its last exceptional auction in September.

A shortage of dollars has hampered importers as well as fuelling an unofficial currency market.

Regular currency auctions began during ousted president Mohamed Mursi's year in office, helping support the pound as tourists and investors took their hard currency elsewhere.

Copyright Reuters, 2014


 



 
Index Closing Chg%
Arrow DJIA 17,071.22 0.25
Arrow Nasdaq 4,505.85 0.14
Arrow S&P 1,977.80 0.25
Arrow FTSE 6,646.60 0.04
Arrow DAX 9,422.91 0.71
Arrow CAC-40 4,358.07 0.83
Arrow Nikkei 16,310.64 0.50
Arrow H.Seng 23,229.21 1.90
Arrow Sensex 26,597.11 0.11





where to buy

cheap wedding dresses

online - weddingdresstrend.com


Banking Review 2013


Buy new style hair wigs at cheap price on Ishowigs.com

Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln