Business & Finance

Egypt to hold $600mn auction to cover strategic imports

Published April 14, 2013 Updated April 14, 2013 11:38am

1 min

By Muhammad Iqbal

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CAIRO: Egypt's central bank will hold on Sunday an exceptional foreign exchange auction for $600 million to cover strategic imports, its said in a statement.

Bids will be accepted between 1.30 and 2.00 p.m. Cairo time (1130 and 1200 GMT), it said, adding that no quotas will be applied.

The auction is 15 times the size of the three weekly currency auctions the cash-strapped central bank has been holding in recent months.

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