Reuters: US Dollar Report: Egypt c.bank offers $75 mln at 2nd currency auction

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Egypt c.bank offers $75 mln at 2nd currency auction Dec 31st 2012, 08:11 CAIRO | Mon Dec 31, 2012 3:11am EST CAIRO Dec 31 (Reuters) - Egypt's central bank said it was offering to sell $75 million to banks on Monday at its second foreign currency auction, with a maximum of $11 million per bank. The auctions are part of a shift in currency policy announced on Saturday and designed to conserve the country's foreign reserves, which the central bank said had fallen to a critical level. The bank also offered $75 million at its maiden auction on Sunday. It accepted bids worth $74.9 million, with a cut-off price for dollars of 6.2425 Egyptian pounds. This represented a substantial weakening of the pound, which was earlier bid in the interbank market on Sunday at 6.185 to the dollar.

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