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Egypt pound remains stable in dollar sale auction

Egypt pound remains stable in dollar sale auction
Photo Credit: Arabianeye - Reuters

Cairo – Mubasher: The Central Bank of Egypt maintained the pound exchange rate unchanged at 7.73 per dollar in an auction Thursday.

The bank sold $40 million to banks in its regular dollar sale auction.
Last November, CBE allowed the Egyptian pound, for the first time in 2015,to rise against the dollar by EGP 0.20 to reach EGP 7.7301

In October, the central bank allowed the pound to depreciate twice against the dollar by around EGP 0.10 to reach a historical level of 7.93 per dollar.

CBE announced earlier that net international reserves reached $16.41 billion at the end of October, up $80 million from $16.33 billion at September-end.