Cairo – Mubasher: The Central Bank of Egypt said it sold $37.8 million to banks in a foreign currency auction held Thursday, at a cut-off price of 7.73 against the US dollar.

Accordingly, the Egyptian currency stabilized against the dollar on Thursday's auction.

The CBE said on its website that the value of auction No. 404 reached $40 million.

The CBE has allowed the Egyptian pound to rise against the US dollar by EGP 0.20 each in last July from EGP 7.53 in 4 February, after its continuous declines since the start of 2015.