Egypt Cuts Size of Dollar Auction After Getting Qatar Cash
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Egypt sold $49.6 million in its latest foreign currency auction, reducing the amount made available to banks after it received $2.5 billion from Qatar to help shore up finances.
The central bank offered $50 million at the sale, down from $60 million yesterday and as much as $75 million in earlier sales. Banks could place bids for as much as $7 million each today, down from $9 million yesterday, according to a central bank announcement on Bloomberg.