Egypt: Central Bank Reduces Foreign Exchange Auction Days to Three Per Week - Statement

Egypt's central bank announced on Thursday it will only hold three foreign exchange auctions per week, instead of four.

In a statement released on its official website, the bank said the auction days will be Sunday, Tuesday and Thursday. It added that the amount for each auction will be announced prior to the auction.

The bank held its Thursday auction for the sale of $300 million, it said in a separate statement.

"The amount offered today will be directed to cover pending backlog, due for payments, for the import of Raw Materials, Production Requirements and Spare Parts," the statement read.

The bank would previously offer around $40 million per auction, reported Reuters