Reuters: US Dollar Report: Egypt c.bank sells $38.5 mln at forex auction

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Egypt c.bank sells $38.5 mln at forex auction May 13th 2013, 10:05 CAIRO | Mon May 13, 2013 6:05am EDT CAIRO May 13 (Reuters) - Egypt's central bank sold $38.5 million to banks in a foreign exchange auction on Monday at a cut-off price of 6.9545 Egyptian pounds to the dollar. The cut-off price at the previous auction on Thursday was 6.9463 pounds. On the black market, one dealer in central Cairo was offering to buy dollars for 7.45 pounds late on Sunday and to sell dollars for 7.55 pounds. The central bank introduced the auctions at the end of December to help stave off a currency crisis and thwart a run on the pound. Since then, the currency has lost 11 percent of its value on the official market and even more on a newly re-emerged black market.

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