The Central Bank of Egypt (CBE) sold $38.3 million to banks in a foreign currency auction on Monday, with a cut-off price of 6.9649 to the dollar, slightly stronger than the 6.9651 pounds at its last auction on Thursday. It had offered $40 million.
Egypt's foreign currency reserves stood at $17.414 billion in March. This compares with $17.307 billion in February and $36 billion before the uprising that led to the ouster President Hosni Mubarak in 2011.