Egypt’s pound steady in central bank FX auction

CAIRO: Egypt’s pound held steady at 7.73 per dollar in a central bank’s foreign exchange (FX) auction on Sunday, unchanged from last sale, the bank posted on its website.

Earlier in July, the Central Bank of Egypt (CBE) allowed the local currency to weaken in two consecutive depreciations in less than a week each by 10 piasters, after holding it steady at 7.53 per dollar for five straight months.

The last move dragged the pound to its lowest level since the CBE started FX auctions in December 2012.

“The bank offered $40 million and sold 37.8 million at a cutoff price of 7.73 EGP per dollar,” the central bank said Sunday.

The dollar was sold at banks at 7.83 EGP on Sunday, 0.10 EGP above the official rate.

Egypt’s central bank usually holds FX auctions on Sunday, Tuesday and Thursday every week. Such auctions determine the rates at which banks can sell the dollar to clients.

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