EGYPTBank calls off forex auction

Egypt’s central bank cancelled an auction of foreign currency yesterday and said it would announce details of upcoming auctions today, signalling a possible change to a system of currency sales brought in to stem a decline in foreign reserves. The central bank did not say why it had cancelled the auction, one of three a week it had been holding for the past few weeks. The central bank has been auctioning US dollars to banks on Sundays, Tuesdays and Thursdays as part of the new system to stem the drawdown on its foreign reserves. – Reuters