Egypt’s pound gained slightly at a central bank foreign- currency sale on Monday
(AFP Photo)
Reuters – Egypt’s pound gained slightly at a central bank foreign- currency sale on Monday.
The central bank said it sold $38.8 million to banks at the auction, with a cut-off price of 6.8776 pounds to the dollar, compared with 6.8778 at the sale on Thursday.
The central bank introduced dollar sales last December to help counter a run on the pound. It has burned through at least $20 billion of its reserves supporting the pound since Egypt’s 2011 popular uprising, which hit tourism revenues and foreign investment
