Cairo – Mubasher: The Central Bank of Egypt (CBE) sold $37.5 million to local banks in a foreign currency auction on Thursday. It had offered $40 million.

The dollar sale was carried out at a cut-off price of EGP 7.53 per US dollar.

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 Islamic month of Ramadan, which starts in mid-June this year.