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CBE sells $39.6 mln in FX auction; pound slightly up

CBE sells $39.6 mln in FX auction; pound slightly up
The Central Bank of Egypt (CBE) sold $39.6 million to banks in a foreign currency auction on Thursday, at a cut-off price of 6.9651 pounds, slightly stronger than Wednesday's rate of 6.9652 pounds.
Egypt's foreign currency reserves reached $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.
Egypt's annual urban consumer inflation rate stood at 9.8 percent in March, unchanged from February, the country's official statistics agency CAPMAS said on Thursday. Egypt's M2 money supply rose 17.02 percent in the year to the end of February, the central bank said last month.