By Ahmed Allam
Cairo – Mubasher: The Central Bank of Egypt (CBE) sold $117.9 million out of $120 million at a regular FX auction held every Tuesday, according to the bank's online data.
The official exchange rate remained unchanged at EGP 8.78 per dollar, the data revealed.
On the other hand, the US dollar in the black market stood at EGP 12.30 – 12.45 for sale and EGP 12.60 – 12.65 for buying, said two traders in exchange bureaus preferred to remain anonymous.
"The currency market had seen some progress after the country's foreign reserves kept falling to $15.54 billion in July", said Emad Gamal Eldeen, an exchange office's CEO.
He assured that the US dollar rose by 5 piasters against the Egyptian pound to reach EGP 12.30 for buying and 12.65 for sale.
The central bank regulations allow exchange bureaus to sell the dollar 15 piasters higher than the official rate.
