Egypt to start FX auctions to help conserve foreign reserves

Reuters Middle East

CAIRO, Dec 29 (Reuters) - Egypt's central bank said it was

introducing a new auction system for buying and selling U.S.

dollars, adding that the country's foreign exchange reserves had

reached "their minimum level".

The new system will take affect as of Sunday, Dec. 30, and

run alongside and not affect the current interbank currency

market, the bank said on its website on Saturday. Egypt would

continue to meet instalments and interest payments on its

foreign debt.

The bank called on Egyptians to "rationalise their use" of

foreign currency and not to speculate.

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