Egypt offers $75 mln at 11th currency auction

Thursday 17-01-2013 11:37 AM
Egypt offers $75 mln at 11th currency auction

People walk in front of Central Bank of Egypt Headquarters in Cairo December 30, 2012. REUTERS/Amr Abdallah Dalsh


CAIRO, Jan 17 (Reuters) - The Egyptian central bank offered $75 million to banks on Thursday at its 11th foreign currency auction, the same amount it had offered at the last auction on Tuesday earlier this week.

The auctions are part of a shift in currency policy announced in late December and designed to curb a decline in the country's foreign reserves, which have fallen to a critical level. The central bank is holding three auctions this week, instead of daily sales.

The pound last traded at 6.58 against the dollar on the interbank market on Wednesday - 6 percent weaker than its value before the introduction of the central bank dollar auctions. The reserves stood at $15 billion in December.

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