Cairo - Mubasher: The Central Bank of Egypt (CBE) has kept the exchange rate of the Egyptian pound against the US dollar unchanged in a foreign currency auction on Sunday.
CBE said it sold $37.8 million to banks in foreign currency auction NO 434, at a cut-off price of 7.73 against the US dollar.
Early November, CBE strengthened the pound by 20 piasters to reach 7.7301 against the dollar, in a surprise move during an exceptional auction.
Last October, Egypt's Central Bank allowed the Egyptian pound to depreciate against the U.S dollar two times, through two consecutive auctions by 10 piasters each.
Such depreciation came amid news of a drop of $2 billion dollars in the country’s foreign reserves, tumbling to $16.335 billion at the end of September, reportedly because the government repaid $1.25 billion for 10-year bonds that had recently matured.
