CAIRO: Egypt’s pound held steady at 7.73 per dollar at a central bank auction on Tuesday, unchanged from last sale on Sunday, according to data posted on the Central Bank of Egypt (CBE) website.
On Sunday, the local currency hit its lowest level since the CBE started FX auctions in December 2012, amid expectation of further devaluation in the coming days.
“The bank offered $40 million and sold 39.6 million at a cutoff price of 7.73 EGP per dollar,” the central bank said Tuesday.
The central bank usually holds foreign exchange auctions on Sunday, Tuesday and Thursday every week. Such auctions determine the rates at which banks can sell the dollar to clients.
The dollar was sold at banks at 7.83 EGP on Tuesday, 0.10 EGP above the official rate.
Egypt’s pound had held steady at 7.53 per dollar for five straight months after the CBE allowed it to weaken against the dollar in 10 consecutive depreciations starting January 18, as part of its fight against the dollar black market.
The central bank also imposed a $10,000 daily ceiling for cash deposits in hard currency, depriving those exchanging their dollars outside the official market from a safe place to deposit their cash.