By: Ahmed Allam
Cairo - Mubasher: The Central Bank of Egypt (CBE) sold nearly $119.2 million in its weekly dollar auction, at ECP 8.78 per dollar.
Last week, the CBE sold around $118 million, raising the total number of weekly auctions to 508, since 2012.
The Egyptian market is anticipating the highly expected decision by the CBE to devalue the pound after the Egyptian government reached a $12 billion loan agreement with the International Monetary Fund (IMF) to reduce the foreign exchange deficit.
Egypt’s foreign currency reserves declined to $15.54 billion by the end of July 2016, compared to roughly $36 billion before January 2011.
Translated by: Moslem Ali
