CAIRO: The Egyptian pound hit a new official low as the Central Bank of Egypt (CBE) let it depreciate to 7.83 to a U.S. dollar at a regular Thursday auction, compared to 7.73 in Tuesday’s sale, Youm7 quoted senior banking official.
Meanwhile, the CBE has not posted the FX auction results on its website until the moment of writing.
This is the lowest level the local currency has been allowed to hit since the central bank began its auction in December 2012, amid expectation of extended slip in the coming days.
The dollar was sold at 8.93 EGP at banks Thursday, and 7.98 EGP at exchange bureaux. In January, the CBE gave permission to banks to trade dollars up to 0.10 pounds above or below the official rate, while exchange bureaux were allowed to trade at 0.15 pounds above or below the official rate.
Further details to follow