Some bankers in Egypt said on Tuesday they had been denied dollars at a regular central bank foreign exchange auction and there was some confusion in the market about the official rate. The central bank uses regular auctions to help set the official exchange rate. An announcement was made for a foreign exchange auction to be held on Dec. 1, calling for bids to be submitted from 11 am to 11.30 am. No update on results or status of the sale had been made by 12.30 pm local time.
