Egypt's C.Bank sells $38.7 mln to banks on Wednesday forex auction
CAIRO, March 6 (Reuters) - The Egyptian central bank sold $38.7 million to banks at its 30th foreign currency auction on Wednesday, with a cut-off price of 6.7405 Egyptian pounds to the dollar.
The cut-off price at the previous auction, held on Monday, was 6.7342 Egyptian pounds to the dollar.
The central bank introduced the foreign exchange auctions at the end of December as part of an effort to stave off a currency crisis triggered by a run on the pound, which has lost over 8 percent of its value since the start of the year.
(Writing by Marwa Awad)
CAIRO, March 6- The Egyptian central bank sold $38.7 million to banks at its 30th foreign currency auction on Wednesday, with a cut-off price of 6.7405 Egyptian pounds to the dollar. The cut-off price at the previous auction, held on Monday, was 6.7342 Egyptian pounds to the dollar.