The Egyptian pound strengthened at the central bank sale of foreign exchange on Thursday as the US dollar’s price dipped to EGP 7.0258 for selling and EGP 6.9957 for buying – the lowest since last May.
The central bank of Egypt said it sold $40 million to local banks on Thursday.
The central bank introduced the currency sales, held three times a week, at the end of December to help stave off a currency crisis and thwart a run on the pound.
Since its launch, the CBE has pumped US$ 2.820 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised two exceptional FX Auction totaled at US$ 1.4 billion divided into two FX Auctions, one on April 15th worth US$600 million and another on May 22nd at value of US$ 800 million.
On the black market, the Egyptian pound also strengthened, with one dealer offering to sell dollars for 7.10 pounds and buy for 7.8 pounds.
