Egyptian pound slips again, but at slower pace

Published January 3rd, 2013 - 12:34 GMT
The Egyptian pound slipped again on Thursday during the Central Bank of Egypt's currency auction
The Egyptian pound slipped again on Thursday during the Central Bank of Egypt's currency auction

The Egyptian pound slid further on Thursday during the Central Bank of Egypt’s fourth currency auction.

 

The auction is designed to offer a gradual devaluation of the pound.

 

During the week of auctions, the Egyptian Pound has lost three per cent of its value against the US dollar, although the pace of decline today has been slower, Reuters is reporting.

 

In recent days, there have been fears over the country’s economy and the level of foreign currency reserves, although the Prime Minister, Hisham Kandil, has said Egypt is not facing bankruptcy.

 

So far this week, the Central Bank has sold $75 million in currency to banks during each of the four auctions.

 

As the country has slid further in to economic turmoil caused by political instability, companies and individuals have been trying to swap the pound for the safer dollar. 


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