Egypt central bank says pound fell at dollar auction

CAIRO: The Egyptian pound fell at a central bank auction of dollars on Wednesday, the seventh such sale since it introduced a new regime to reduce pressure on its currency.

The bank said the cut-off price at the auction was 6.4797 pounds to the dollar - a 0.47 percent fall from Tuesday when the cut-off price was 6.4492 pounds. The central bank said it had sold $49.6 million at the auction, less than the $50 million it had offered.

On the interbank market, the central bank limits trades to a 0.5 percent band above or below the weighted average of bids at the most recent currency auction. The weighted average on Wednesday was 6.4798 pounds to the dollar.

Center>Copyright Reuters, 2013