By Mahmoud Salah El-Din
Cairo – Mubasher: The Central Bank of Egypt (CBE) held an exceptional foreign exchange auction on Tuesday to sell $200 million for the second time this week, a treasury official at an Egyptian bank said.
The auction is running from 11a.m. to 3p.m. (1300 GMT), said the official, who preferred to stay anonymous.
This exceptional auction is a good step to fulfill local market demands for the dollar, the source said, adding that “CBE is regaining control over forex market”.
Yesterday, the Central Bank of Egypt devalued the Egyptian pound to 8.85 per dollar from 7.73 per dollar, officially starting the adoption of a more flexible exchange rate regime.
Translated by Ahmed El-Sayed Ali
