Central Bank: Pound fell at dollar auction

The pound fell at a Central Bank of Egypt auction of dollars Wednesday, the seventh such sale since it introduced a new regime to reduce pressure on its currency.

The bank said the cutoff price at the auction was LE6.4797 to the dollar — a 0.47 percent fall from Tuesday, when the cutoff price was LE6.4492. The Central Bank said it had sold US$49.6 million at the auction, less than the $50 million it had offered.

On the interbank market, the Central Bank limits trades to a 0.5 percent band above or below the weighted average of bids at the most recent currency auction. The weighted average Wednesday was LE6.4798 to the dollar.

Related Articles

Back to top button