The Canadian Press - ONLINE EDITION

Egypt central bank to hold largest currency auction yet, $1.3 billion, for vital food imports

  • Print

CAIRO - The Central Bank of Egypt will conduct its largest foreign exchange auction yet, selling $1.3 billion to banks with clients who need U.S. dollars to pay for basic imports like wheat, oil, meat and beans.

It is the third auction of its kind, which is also directed at banks whose clients need dollars to import raw industrial materials and pharmaceuticals. The first auction in April released $600 million and a second in May released $800 million.

The central bank said in a statement Tuesday that it would sell the $1.3 billion on Wednesday. The sum is around 11 times more than the bank's usual weekly sale of dollars.

The bank's auction system has helped regulate devaluation of the Egyptian pound, down more than 10 per cent this year.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

The Whiteboard - Jets' 5-on-3 penalty kill

View more like this

Photo Store Gallery

  • Marc Gallant / Winnipeg Free Press. Local- WINTER FILE. Snowboarder at Stony Mountain Ski Hill. November 14, 2006.
  • MIKE.DEAL@FREEPRESS.MB.CA 100615 - Tuesday, June 15th, 2010 The Mane Attraction - Lions are back at the Assiniboine Park Zoo. Xerxes a 3-year-old male African Lion rests in the shade of a tree in his new enclosure at the old Giant Panda building.  MIKE DEAL / WINNIPEG FREE PRESS

View More Gallery Photos

Poll

What's your take on the Jets so far this season?

View Results

View Related Story

Ads by Google