Quantcast


Last updated: September 03. 2013 1:36PM - 179 Views
Associated Press



Story Tools:

Font Size:

Social Media:

(AP) The Central Bank of Egypt will conduct its largest foreign exchange auction yet, selling $1.3 billion to banks with clients who need U.S. dollars to pay for basic imports like wheat, oil, meat and beans.


It is the third auction of its kind, which is also directed at banks whose clients need dollars to import raw industrial materials and pharmaceuticals. The first auction in April released $600 million and a second in May released $800 million.


The central bank said in a statement Tuesday that it would sell the $1.3 billion on Wednesday. That is around 12 times more than the bank's usual weekly sale of dollars.


The bank's auction system has helped regulate devaluation of the Egyptian pound, down more than 10 percent this year.


Associated Press
Comments
All user comments are subject to our Terms of Service. Users may flag inappropriate comments.
comments powered by Disqus



Featured Businesses


Poll



Info Minute



Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com