CAIRO: Egypt’s pound held steady at 7.93 per dollar in a central bank foreign exchange (FX) auction on Tuesday, Youm7 reported.
This is the fourth consecutive auction in which the Central Bank of Egypt (EGB) held the pound steady, after two consecutive depreciations of 0.10 EGP on Oct. 15 and 18.
It is also the third FX auction since Tarek Amer was named CBE governor last week, after Hisham Ramez resigned a month before his term expires in November.
Ramez received wide criticism over devaluating the pound while the country was running the first phase of the long-awaited parliamentary elections.
On Tuesday, the dollar was sold at 8.03 EGP at banks, and 8.08 EGP at exchange bureaus; 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.
In the unofficial market, the dollar traded at 8.6 EGP, up from 8.5 on Sunday, a trader told The Cairo Post.