Egypt central bank sells $37.8m in FX 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, at a cut-off price of EGP 7.53 per dollar. The banks had offered $40 million.

The central bank has recently offered $800 million to banks under the interbank mechanism to meet the demand for the hard currency needed for importing goods ahead of the holy month of Ramadan.