Egypt Central bank sells $37.8m in forex auction

Cairo, Egypt (Capital Markets in Africa)—The Central Bank of Egypt said it sold $37.8 million to local banks in a foreign currency auction held Tuesday. The bank had offered $40 million.

Cut-off price amounted to EGP 7.53 per dollar.

The central bank introduced the dollar sale auctions in December, 2012 to stave off a run on the dollar and avoid a currency crisis.

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