Central Bank of Egypt sells $37.8m in FX auction and autions EGP7bn in T-bills

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

Cut-off price amounted to EGP 7.53 per dollar, the central bank added.

The dollar exchange rate steadied at 7.53 against the Egyptian pound for the first time on 4 February.

Futhermore, the Central Bank of Egypt said it will hold a public auction Sunday to sell treasury bills at a total value of EGP 7 billion. 91- and 273-day T-bills will be offered at EGP 2.5 billion and EGP 4.5 billion respectively.

Egypt’s finance ministry auctions treasury bills and bonds to finance the state budget deficit.