US Dollar Hits EGP 6.71 On Central Bank’s 12th Auction

The U.S. dollar’s exchange rate against the Egyptian pound has hit on Sunday EGP 6.62 (buy price) and EGP 6.7169 (sell price), representing an increase of EGP 1.75.

The Central Bank of Egypt (CBE) has offered US$ 75 million to local banks on Sunday at its 12th FX auction, with a maximum of US$11 million for each bank.

The total amount that CBE has offered since launching the new system in December 30th 2012 reached US$ 820 million.

CBE will conduct two auctions on Sunday and Tuesday and will cancel its auction on Thursday which will correspond with “Al-Moled Al-Nabawi” (Birthday of Prophet Mohammed) as it is an official public holiday.