Egypt’s central bank keeps pound stable at regular dollar auction

Cairo: Egypt’s central bank will keep the Egyptian pound stable at 8.78 to the dollar at its weekly foreign exchange auction on Tuesday, banking sources said.

The central bank has yet to announce the official rate. The bankers, who declined to be named as they were not authorised to speak on the matter, said dollars would be sold at the current rate.

The central bank announced earlier on Tuesday that it would be selling its usual quota of $120 million (Dh440 million) at its regular FX auction.