Egypt auctions $75 million to ease currency crisis

Egypt's Central Bank (CBE) said it offered to sell $75 million to banks on Wednesday, as part of a new currency regime

Egypt's Central Bank (CBE) said it offered to sell $75 million to banks on Wednesday, Reuters reported.

The CBE's auction is the third such transaction since the implementation of a new currency policy on Saturday which is designed to preserve the country's critically-low foreign reserves.

By midday Wednesday, the pound has maintained its value versus the dollar trading at Tuesday's level of LE6.42 to the dollar.