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CORRECTED-Egypt says pound fell at dollar auction
January 9, 2013 / 10:27 AM / 5 years ago

CORRECTED-Egypt says pound fell at dollar auction

(Corrects to show band applies to interbank trades, not to auction bids)

CAIRO, Jan 9 (Reuters) - The Egyptian pound fell at a central bank auction of dollars on Wednesday, the seventh such sale since it introduced a new regime to reduce pressure on its currency.

The bank said the cut-off price at the auction was 6.4797 pounds to the dollar - a 0.47 percent fall from Tuesday when the cut-off price was 6.4492 pounds. The central bank said it had sold $49.6 million at the auction, less than the $50 million it had offered.

On the interbank market, the central bank limits trades to a 0.5 percent band above or below the weighted average of bids at the most recent currency auction. The weighted average on Wednesday was 6.4798 pounds to the dollar. (Reporting by Patrick Werr; Editing by Maria Golovnina, John Stonestreet)

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