Egypt’s central bank sells $104.5mn at regular foreign currency auction Tuesday

Egypt’s central bank has kept the pound stable at 8.78 per dollar at its regular foreign currency auction Tuesday but sold $104.5 million after offering $120 million at the auction.

The auction is the first regular auction since the central bank decided to cut its foreign currency auctions that were previously held three times a week to be once a week bringing the amount offered during Tuesday’s auction to $120 million.