Egypt's central bank kept the pound stable at 7.7301 pounds per dollar at an exceptional foreign exchange auction on Sunday, bankers told Reuters ahead of the results announcement.
Central bank keeps pound stable at forex auction - bankers
Egypt's pound has been depreciating rapidly on the black market over the past week
People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo, Egypt, December 21, 2015. REUTERS/Amr Abdallah Dalsh
The central bank said on Sunday it would offer $500 million at an exceptional foreign exchange auction to cover imports of strategic goods.
Egypt's pound has been depreciating rapidly on the black market over the past week, piling pressure on the central bank to adjust the official rate of 7.7301. It reached 9.50 pounds to the dollar on the black market on Thursday.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Pelumi Nubi’s London-to-Lagos journey and West Africa’s border realities
Kano govt clears the air on alleged stray bullet incident involving journalist
Kebbi Gov won't hesitate to sign death warrant of convicted bandits' informants
Blackout hits Tanzania as Cyclone Hidaya makes landfall, Kenya braces itself
Popular footballer arrested over robbery that left 1 dead as police dismantle gang
When fire started on a boat, the captain was first to escape — 34 passengers died
Some Nigerians in public, private organisations using fake certificates - FG
UniAbuja says academic, administrative activities ongoing despite ASUU strike
Nigerian journalist creates AI solutions for businesses
ADVERTISEMENT