Egypt Cbank to hold pound steady at first auction under new governor

Cairo: Egypt’s central bank will hold the pound steady at 7.7301 pounds to the dollar at an official foreign currency auction on Sunday, two traders said, in the first auction since new central bank governor Tareq Amer took office on November 27.

Egypt is facing a dollar shortage and mounting pressure to devalue the pound. The central bank surprised markets when it strengthened the pound on November 11 by 20 piasters against the dollar.