By Mahmoud Salah-Eddin
Cairo – Mubasher: Egypt’s central bank Thursday sold $118.7 million out of $120 million it offered in an exceptional auction, at 8.78 per dollar.
Meanwhile, traders said the dollar exchange rate declined by 10 piasters against the dollar in black market, as it reached 10.20 per dollar for buying and 10.30 per dollar for selling
The central bank sold $120 million in a regular foreign currency auction on Tuesday at a cut-off price of EGP 8.78 per dollar.
Egypt’s economy has been seeing hard currency shortage due to a drop in tourism revenues and expat remittances.
