Egypt c.bank reduces amount offered at dollar auction
CAIRO, Jan 9 (Reuters) - The Egyptian central bank offered $50 million to banks at a foreign currency auction on Wednesday, less than the $60 million offered at auctions earlier under a new system aimed at getting a currency crisis under control.
The bank offered $75 million during the first week of the auctions, which were introduced on Dec. 30. The Egyptian pound has weakened by about 4.6 percent on the interbank market since then. The reserves stood at $15 billion in December.
CAIRO, Jan 9- The Egyptian central bank offered $50 million to banks at a foreign currency auction on Wednesday, less than the $60 million offered at auctions earlier under a new system aimed at getting a currency crisis under control. The bank offered $75 million during the first week of the auctions, which were introduced on Dec. 30.