Mubasher TV
Contact Us Advertising   العربية

Egypt’s pound continues slide to record lows

Egypt’s pound continues slide to record lows

Cairo-Mubasher: Egypt's pound continued its depreciation against the U.S. dollar on Thursday for the fifth straight day, reaching EGP 7.39, thus hitting its lowest level since introducing the foreign currency auctions in December, 2012.

Bank sources told Mubasher that the local currency lost around 3.5% of its value against the dollar over the last five days, after the central bank let the currency depreciate from 7.14 for the first time in six months.

The Central Bank of Egypt (CBE) said, on its official website, it sold $38.4 million in a foreign currency auction held Thursday, at a cut-off price of 7.39 pounds per dollar, compared with 7.34 on Wednesday and 7.29 on Tuesday. It had offered $40 million.

The central bank introduced the auctions e to help stave off a currency crisis and thwart a run on the pound.

Photo Credit: Arabianeye-Reuters