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Central bank auction to cover imports of strategic goods
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Egypt's pound notes are pictured in stacks of 100 as employees count money at an exchange office in downtown Cairo in a file photo. REUTERS/Amr Abdallah Dalsh
The central bank said it would hold the exceptional auction at 3 p.m. (1300 GMT), pumping more foreign exchange into an economy that has been starved of dollars.
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A $500 million auction by Egypts central bank on Sunday will be to cover imports of strategic goods, a central bank official told Reuters.
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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 7.72 pounds to the dollar. It reached 9.50 to the dollar on the black market on Thursday.
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