Cairo-Mubasher: The Central Bank of Egypt (CBE) said on Sunday it sold $420 million in the interbank market, to meet outstanding demand for staple commodities, raw materials and pharmaceuticals.

CBE Governor Hisham Ramez told Reuters the bank would continue to use the interbank market "in the coming period" alongside regular dollar auctions.

In its regular foreign currency auction last Thursday, the central bank sold $38.4 million to bank at a cut-off price of 7.53 per dollar. It had offered $40 million.