CBE Reduces Number Of FX Auctions To Three A Week

The Central Bank of Egypt (CBE) decided to reduce the number of FX auctions to three auctions this week as it offered US$ 75 million to local banks last Sunday and will conduct two other FX auctions next Tuesday and Thursday.

A number of managers of the treasury sector stated that CBE took such decision in order to curb the impact of these auctions on the Egyptian pound against US dollar.

The exchange rate of the U.S. dollar rose EGP 0.08 against the Egyptian pound to EGP 6.65 (sell price) and EGP 6.60 (buy price).

The total amount that CBE has offered since it launched the new FX auction system rose to US$ 595 million.

The total amounts that CBE offered in nine FX auctions are as follows: