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Egyptian pound weakens at exceptional forex auction
May 14, 2014 / 12:37 PM / 3 years ago

Egyptian pound weakens at exceptional forex auction

CAIRO, May 14 (Reuters) - The Egyptian pound weakened on Wednesday at an exceptional central bank sale of $1.1 billion aimed at supplying dollars to importers of essential foodstuffs.

The central bank announced a cut-off price of 7.0950 pounds to the dollar at the auction, 5 piastres weaker than at the last central bank foreign exchange sale held on Monday, when the cut-off price was 7.0451.

The central bank did not say whether it had sold the full amount of foreign currency offered. (Writing by Tom Perry; Editing by John Stonestreet)

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