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Posted On: 04/15/2013 1:56:36 AM
Post# of 28540
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Posted By: itest
Egypt sells $600 million to import basic goods

People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo By Ulf Laessing and Asma Alsharif CAIRO (Reuters) - Egypt's central bank sold $600 million to banks in a special auction of foreign exchange on Sunday to pay for wheat, meat, cooking oil and other essential imports to a country struggling with a currency crisis. The size of the auction - 15 times the amount the central bank has been selling at its regular currency auctions - showed the extent of pent up demand for dollars as Egypt struggles with an economic crisis two years after the ousting of Hosni Mubarak. ...



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