Cairo - Mubasher: The Central Bank of Egypt (CBE) maintained the Egyptian pound unchanged at 8.78 per dollar in an auction Tuesday.
The bank sold $118.6million to banks in its regular dollar sale auction.
Egypt nears reaching a preliminary agreement with IMF to obtain a loan of $12 billion dollars over three years.
One of the likely lending conditions imposed by IMF, however, is that the authorities adopt a more flexible exchange rate.
Capital Economics believes that this likely to happen soon and the pound could fall by 25% against the dollar by the end of next year.
