Egypt to auction $1.3bn for vital imports

The Central Bank of Egypt will conduct its largest foreign exchange auction yet, selling $1.3 billion to banks with clients who need U.S. dollars to pay for basic imports like wheat, oil, meat and beans.

It is the third auction of its kind, which is also directed at banks whose clients need dollars to import raw industrial materials and pharmaceuticals. The first auction in April released $600 million and a second in May released $800m.

The central bank said in a statement Tuesday that it would sell the $1.3bn on Wednesday. That is around 12 times more than the bank’s usual weekly sale of dollars.

The bank’s auction system has helped regulate devaluation of the Egyptian pound, down more than 10 percent this year.