Egypt’s central bank to sell $120 mln in additional auction
Central Bank of Egypt -YOUM7 (Archive)

Egypt’s central bank will hold an additional foreign exchange auction on Thursday, the bank said, ahead of a visit from Saudi King Salman to the country.

The bank regularly holds one foreign currency auction on Tuesday when it sells $120 million. Bankers said the central bank described the auction as a regular auction on their screens, however.

Egypt has been starved of hard currency since a 2011 uprising ousted autocrat Hosni Mubarak from power and drove away tourists and foreign investors – major sources of hard currency.

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