Egypt central bank holds pound steady at 7.93/dollar at FX auction
Egyptian pound and USD YOUM7

CAIRO: The Central Bank of Egypt (CBE) kept the pound steady at 7.93 per dollar in a foreign exchange (FX) auction on Tuesday, after two consecutive depreciation of 0.10 EGP on Sunday and Thursday, Youm7 reported.

This is the lowest official the local currency has been allowed to hit since the central bank began its auctions in December 2012, amid expectations of an extended slip in the coming days.

On Tuesday, the dollar was sold at 8.03 EGP at banks, and 8.08 EGP at exchange bureau, as the CBE gives permission to trade dollars up to 0.10 EGP and 0.15 EGP above or below the official rate at banks and exchange bureaus, respectively.


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