Cairo – Mubasher: The Central Bank of Egypt (CBE) is forseen to maintain the Egyptian pound stable against the US dollar at its weekly foreign exchange auction on Tuesday, banking sources said.

Bets on the pound’s devaluation tend to peak ahead of every Tuesday, the day when the central bank holds its usual weekly dollar auction.

The central bank has yet to announce the official rate. Sources believe that the central bank will sell the dollar at the current exchange rate of EGP 8.78.

CBE will be selling its usual quota of $120 million at its regular FX auction.