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Egypt central bank trades $74.9mn

dollar2 copyCAIRO: Egypt central bank sold $74.9 million on Sunday to banks at a maiden foreign currency auction designed to slow the depletion of the country's foreign reserves, with a cut-off price for dollars of 6.2425 Egyptian pounds.


This represents a substantial weakening of the Egyptian pound, which was bid in the interbank market on Sunday at 6.185 pounds to the dollar.


The bank had offered $75 million at the auction.


The central bank said the weighted average bid price at the auction was 6.2526 pounds to the dollar. On Saturday, the bank said reserves, which stood at about $15 billion at the end of November, had fallen to a critical level.


Center>Copyright Reuters, 2012


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 30, 2015
Reserves $19.828 bln