Egypt central bank accepts bids for $72.9 million in 11th currency auction

Egypt’s central bank said on Thursday it has accepted bids worth $72.9 million with a cut-off price of 6.57 Egyptian pounds against the dollar at its 11th foreign currency auction.

The cut-off price at the previous auction, held on Tuesday, was 6.55.

The auctions are part of a shift in currency policy announced in late December and designed to curb a decline in the country’s foreign reserves, which had fallen to a critical low. The central bank had offered $75 million at Thursday’s auction.