CAIRO: The Central Bank of Egypt (CBE) is holding the pound steady at 7.73 per dollar in a foreign exchange (FX) auction on Tuesday, unchanged from last sale, the bank posted on its website.
The bank offered $40 million and sold $37.1 million at a cut-off price of 7.73 EGP per dollar,” the bank said Tuesday.
The dollar was sold at banks at 7.83 EGP on Tuesday, 0.10 EGP above the official rate. Meanwhile, the hard currency was sold at (7.90- 7.91) EGP at exchange bureaus, unchanged from Sunday’s rates.
Egypt’s central bank usually holds FX auctions on Sunday, Tuesday and Thursday every week. Such auctions determine the rates at which banks can sell the dollar to clients.
Earlier in July, the CBE allowed the local currency to weaken in two consecutive depreciations in less than a week each by 10 piasters, after keeping it steady at 7.53 per dollar for five straight months.
July moves dragged the pound to its lowest level since the CBE started FX auctions in December 2012.