Cairo – Mubasher: The Central Bank of Egypt said it sold $37.8 million to banks in a foreign currency auction held Tuesday, at a cut-off price of 7.73 against the US dollar.
Accordingly, the Egyptian currency stabilized against the dollar on Sunday's auction.
The CBE said on its website that the value of auction No. 412 reached $40 million.
The CBE has allowed the Egyptian pound to rise against the US dollar by EGP 0.20 each in last July from EGP 7.53 in 4 February, after its continuous declines since the start of 2015.
The gap between the official market and the parallel market in respect to the dollar price against the Egyptian pound increased following the investment minister declarations regarding the pound’s devaluation.
