CBE Raises $40 mln for Local Banks On Wednesday

The Central Bank of Egypt (CBE) has offered today its second foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Thursday its 113th FX Auction since application and the 96th since Hisham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 4.520 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, 2.7 billion through the non-periodic FX Auction , issued last April and May as well as the current September.

The central bank has offered its last US Dollar FX Auction worth $40 million, the banks have covered the offering with $38.8 million, the dollar reached EGP 6.88 in this offering.

The central bank announced the size of foreign exchange reserves has at the end of September where a record $ 18.709 billion against $ 18.916 billion at the end of August, down $ 207 million.