The Egyptian pound weakened at a central bank auction of dollars on Sunday, the ninth such sale since it introduced a new regime to reduce pressure on its currency.
The exchange rate of the U.S. dollar rose EGP 0.2 on Sunday against the Egyptian pound to EGP 6.5626 (buy price) and EGP 6.5627 (sell price), according to the National Bank of Egypt (NBE)’s data report.
The Central Bank of Egypt (CBE) offered US$75 million to local banks at foreign currency auction on Sunday, bringing the total amount it has offered since it launched the new FX auction system to US$ 595 million. The new system aims at slowing the country’s depletion of foreign reserves.
CBE reduced the amount it offers gradually in the last two weeks as it offered US$75 million in the first five auctions, US$ 60 million in the sixth auction, US$ 50 million in the seventh and eighth auctions.
