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Egypt Pound Strengthens Slightly At Forex Auction - Daily News Egypt

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Egypt Pound Strengthens Slightly At Forex Auction

The central bank sold $38.4 million to banks at the auction, with a cut-off price of 6.8768 Egyptian pounds to the dollar


The report said in Egypt, optimism for local job prospects lowered by nine points in Q4 to 50% and positive perceptions for personal finances dropped seven points to 57% ( Photo - AFP)
The Egyptian pound strengthened marginally at a foreign exchange auction on Thursday (AFP Photo)

Reuters – The Egyptian pound strengthened marginally at a foreign exchange auction on Thursday, the central bank said.

The central bank sold $38.4 million to banks at the auction, with a cut-off price of 6.8768 Egyptian pounds to the dollar. That was fractionally stronger than the 6.8769 at the previous sale on Wednesday.

On the black market the pound was trading on Wednesday at 7.31/33 to the dollar, one trader said.

The central bank introduced dollar currency sales a year ago to help counter a run on the pound. It has burned through at least $20 billion – or roughly half its reserves – supporting the currency since Egypt’s 2011 revolution, which cut into tourism revenues and foreign investment.

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https://dailyfeed.dailynewsegypt.com/2013/12/12/egypt-pound-strengthens-slightly-at-forex-auction/
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