Egypt to hold $600 mln auction to cover strategic

Egypt to hold $600 mln auction to cover strategic imports CAIRO (Reuters) - Egypt's central bank will hold an exceptional foreign exchange auction for $600 million on Sunday to cover strategic imports such as wheat, meat and cooking oil, it said in a statement. The auction is 15 times the size of the three $40 million currency auctions the cash-strapped central bank has been holding weekly in recent months. The most populous Arab nation is grappling with an economic crisis caused by more than two years of political instability. Egypt's foreign currency reserves are at critically low levels and the government is struggling with an unaffordable ...