CAIRO (AP) — 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 $800 million.
The central bank said in a statement Tuesday that it would sell the $1.3 billion 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.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
For the first time New Mexico is requiring high school students to pass end-of-course exams or else they will not graduate. However, APS leaders will meet Wednesday to talk about an alternative to those tests.
The Lobos and Aggies will have meeting 211 in their rivalry series Wednesday night in Las Cruces.
The Academy Chargers upset the Sandia Matadors and Cibola's Kevin Saiz caught fire in his team's game against Albuquerque High, two of many games on the high school basketball schedule Tuesday night.
A thief stole a trailer holding $40,000 of equipment and donated toys from an Albuquerque church over the holiday weekend.
Dangerous chemical weapons abandoned in Panama by the U.S. in the 1940s won't be headed for New Mexico, a Defense Department spokesperson told News 13 on Tuesday.
A video encouraging students at a high school in Albuquerque to enroll in clubs and sports is racking up views on YouTube.