Central Bank holds pound steady at 7.93/dollar for 3rd straight auction

CAIRO: The Central Bank of Egypt (CBE) kept the pound steady at 7.93 per dollar in a foreign exchange (FX) auction Sunday, for the third straight auction after two consecutive depreciations of 0.10 EGP on Oct. 15 and 18.

This is the second FX auction since Tarek Amer was named CBE governor last week; Hisham Ramez resigned a month before his term was due to expire in November.

Ramez received wide criticism over devaluating the pound while the country was conducting the first phase of the long-awaited parliamentary elections.

On Sunday, the dollar was sold at 8.03 EGP at banks, and 8.08 EGP at exchange bureau; the CBE permits trading dollars up to 0.10 EGP and 0.15 EGP above or below the official rate at banks and exchange bureaus, respectively.

In the unofficial market, the dollar traded at 8.5 EGP, a trader told The Cairo Post.

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