Egypt’s pound steady at 7.93/dollar at FX auction

CAIRO: The Central Bank of Egypt (CBE) kept the pound steady at 7.93 per dollar in a foreign exchange (FX) auction on Thursday, unchanged from Tuesday’s sale.

This is the first FX auction after Tarek Amer was named CNE governor on Wednesday after Hisham Ramez resigned a month before his term expires in November.

Ramez received wide criticism over the past few day as he allowed the pound to weaken in two consecutive depreciation of 0.10 EGP on Sunday and Thursday, while the country was running the first phase if the long-awaited parliamentary elections.

The dollar was sold at 8.03 EGP at banks, and 8.08 EGP at exchange bureau on Thursday, 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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