Cairo – Mubasher: The Central Bank of Egypt (CBE) said it would hold a regular dollar auction for $120 million on Tuesday, according to the bank’s website.
Earlier, the Central Bank of Egypt said foreign currency auctions would be reduced to one per week instead of three.
In March, the bank of Egypt devalued the Egyptian pound by 14.5% against US dollar and then raised the value by seven piasters to officially stand at EGP 8.95 per dollar.
Egypt’s forex reserves reserve retreated to $17 billion by the end of April from $36 billion registered before January 2011.
