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Egypt sells $420m in interbank market

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(Shutterstock)
(Shutterstock)

Cairo - Egypt's central bank said on Sunday it sold $420m in the interbank market, after a regularly held dollar auction did not take place.

The bank said in a statement that the sale was made to meet outstanding demand for staple commodities, raw materials and pharmaceuticals, but it did not give further details.

Central bank governor Hisham Ramez told Reuters the bank would continue to use the interbank market "in the coming period" alongside regular dollar auctions.

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