CBE Offers US$ 75 Mln To Local Banks On Sunday FX Auction

By Administrator On Jan 13, 2013

The Central Bank of Egypt (CBE) offered US$75 million to local banks at foreign currency auction on Sunday, bringing the total amount it has offered since it launched the new FX auction system to US$ 595 million. The new system aims at slowing the country’s depletion of foreign reserves.

CBE reduced the amount it offers gradually in the last two weeks as it offered US$75 million in the first five auctions, US$ 60 million in the sixth auction, US$ 50 million in the seventh and eighth auctions.