10 January 2013

Egypt: Pound Continues Fall At Thursday Dollar Auction

Cairo — The Egyptian pound weakened at a central bank auction of dollars on Thursday, the eighth such sale since it introduced a new regime to reduce pressure on its currency.

The central bank offered $50 million at the sale, down from $60 million the previous day, and $75 million in earlier sales.

This fall comes despite Qatar extending $2.5 billion to help the country's ailing economy. Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani announced the aid to help Egypt with its currency crisis after meeting with Egyptian President Mohamed Morsi in Cairo.

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