By Mahmoud Salah Eddin
Cairo – Mubasher: Egypt’s pound stabilised Tuesday in a dollar auction held by the central bank at 7.73, while traders in the black market said the local currency fell to 9.65 per dollar after it neared 10 per dollar in recent days.
The Central Bank of Egypt sold $38.8 million to banks. It had offered $40 million.
A director of an exchange bureau in Maadi area told Mubasher that the dollar exchange rate declined in the parallel market to 9.60 for buying and 9.75 for selling.
Egypt has been suffering a shortage of hard currency and is attempting to overcome this by hold dollar sale auctions regularly.
The central bank held on Sunday an exceptional auction to sell $500 million to curb the rise in the dollar exchange rate in the black market.
