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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.
More News
13 Apr 2026
BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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