Currency crisis update

Egypt Independent:  Central bank cancels currency auction, to announce new mechanism on Monday
 "In a brief statement, the central bank did not say why it had cancelled Sunday's auction - one of three it had been holding each week for the last few weeks. The new central bank governor, Hesham Ramez, was due to take up his post on Sunday"

Trade Arabia:  c.bank tightens dollar trading band
"Egypt's central bank has tightened the pound's trading band in the interbank foreign exchange market in an apparent move to slow the currency's decline, a forex dealer at a Cairo bank said on Monday.  Banks may now only buy or sell dollars or their equivalent to other banks in a band of 0.01 pounds above or below the weighted average bid at the central bank's regular currency auctions, the dealer said.  Previously, the limit had been 0.5 per cent above or below the average bid."