Egypt central bank sells $38mn at forex auction

CAIRO: The Egyptian central bank sold $38.4 million to banks in a foreign currency auction on Wednesday, with a cut-off price of 6.8504 Egyptian pounds to the dollar.

The cut-off price at the previous auction held on Monday was 6.8391 pounds.

The central bank introduced the foreign exchage auctions at the end of December as part of an effort to stave off a currency crisis triggered by a run on the pound, which has lost a tenth of its value since the start of the year.