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FINANCIAL NEWS
Egypt cbank launches second currency auction offering USD75m
31 Dec 2012
(MENAFN) Egypt’s central bank has offered to sell USD75 million to banks at its second foreign currency auction, with a maximum of USD11 million per bank, Reuters reported.
The auctions aim to conserve the country’s dwindling foreign reserves, indicating a deepening economic crisis.
The central bank said it accepted bids worth USD74.9 million, with a cut-off price for dollars of 6.2425 Egyptian pounds.
Last month’s violent political turmoil over a new constitution has prompted investors as well as ordinary citizens to rush and change their savings into dollars.
The central bank said recently that its foreign reserves were now at a critical level and could barely cover three months of imports.
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