(MENAFN) Egypt's central bank has offered to sell USD75 million to banks at its second foreign currency auction, with a maximum of USD11 million per bank, Reuters reported.
The auctions aim to conserve the country's dwindling foreign reserves, indicating a deepening economic crisis.
The central bank said it accepted bids worth USD74.9 million, with a cut-off price for dollars of 6.2425 Egyptian pounds.
Last month's violent political turmoil over a new constitution has prompted investors as well as ordinary citizens to rush and change their savings into dollars.
The central bank said recently that its foreign reserves were now at a critical level and could barely cover three months of imports.
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