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Egyptian Pound strengthens at Dollar sale - Daily News Egypt

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Egyptian Pound strengthens at Dollar sale

Reuters – Egypt’s pound gained slightly at a central bank foreign- currency sale on Thursday. The central bank said it sold $38.8 million to banks at the auction, with a cut-off price of 6.8778 pounds to the dollar, compared with 6.8781 at the sale on Wednesday. The central bank introduced dollar sales last December to help …


Reuters – Egypt’s pound gained slightly at a central bank foreign- currency sale on Thursday.

The central bank said it sold $38.8 million to banks at the auction, with a cut-off price of 6.8778 pounds to the dollar, compared with 6.8781 at the sale on Wednesday.

The central bank introduced dollar sales last December to help counter a run on the pound. It has burned through at least $20 billion of its reserves supporting the pound since Egypt’s 2011 popular uprising, which hit tourism revenues and foreign investment.

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https://wwww.dailynewssegypt.com/2013/11/21/egyptian-pound-strengthens-at-dollar-sale/
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