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Egypt to start FX auctions to help conserve foreign reserves

Sunday, December 30, 2012 11:03 AM 
A man rests at his desk at the Egyptian stock market in Cairo, November 25, 2012. Egyptian share prices plunge, with the benchmark index losing nearly 10 percent in the first trading session since President Mohamed Mursi ignited a political crisis by expanding his powers. REUTERS/Asmaa Waguih

CAIRO, Dec 29 (Reuters) - Egypt's central bank said it was introducing a new auction system for buying and selling U.S. dollars, adding that the country's foreign exchange reserves had reached "their minimum level".

The new system will take effect as of Sunday, Dec. 30, and run alongside and not affect the current interbank currency market, the bank said on its website on Saturday. Egypt would continue to meet instalments and interest payments on its foreign debt.

The bank called on Egyptians to "rationalise their use" of foreign currency and not to speculate.

This content is from : Reuters
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