January 15, 2013 / 8:11 AM / 5 years ago

Egypt c.bank offers $75 mln at 10th currency auction

CAIRO, Jan 15 (Reuters) - The Egyptian central bank offered $75 million to banks at its 10th foreign currency auction on Tuesday, the same amount it had offered at the last auction on Sunday earlier this week.

The auctions are part of a shift in currency policy announced in late December and designed to save the country’s foreign reserves, which have fallen to a critical level. The bank is holding three auctions this week, intead of daily sales.

The Egyptian pound has weakened by about 3.2 percent on the interbank market to 6.526 to the U.S. dollar since the start of January. The reserves stood at $15 billion in December.

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