Tuesday, January 28, 2014

Egypt to hold record $1.5 billion forex sale

Egypt’s central bank will hold its largest exceptional auction on Monday to sell $1.5 billion from its foreign reserves, it said in a statement.
The auction is significantly larger than the $40 million currency auction Egypt holds three times a week, and larger than the $1.3bn it offered at its last exceptional auction in September.
The auctions first started during ousted president Mohammad Mursi’s year in office as they were used to support the pound while tourists and investors took their foreign currency elsewhere, giving rise to a black market.
Source and full story: Al Arabiya/Reuters, 27 January 2014

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