Central bank sells $49.6 mn at forex auction

Egypt's central bank said on Wednesday it had accepted bids worth $49.6 million with a cut-off price of LE6.702 to the US dollar at a foreign currency auction.

The cut-off price at the previous auction, held on Monday, was LE6.692.

Wednesday's was the 18th foreign currency auction. The auctions are a bid to curb a decline in Egypt's foreign reserves, which the central bank said in December had fallen to a critical level. Foreign reserves fell further to $13.6 billion at the end of January, the central bank said on Tuesday.

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