Cairo – Mubasher: Egypt’s central bank, in an exceptional auction held Wednesday, raised the pound rate by 7 piasters as it sold dollars to banks at a slightly stronger rate of 8.78 pounds per dollar, banking sources told Reuters.
The bank held the exceptional auction today to sell $1.5 billion to cover temporary overdrafts of foreign currency at banks.
In an attempt to crack down on the dollar black market, the Central Bank of Egypt launched this week three dollar sale auctions at a total value reaching $1.9 billion.
In an auction held Sunday, CBE devaluated the pound to 8.85 per dollar from 7.73.
