Dollar Ends Week EGP 0.3 Higher, Hits EGP 6.81 On 16th Auction

On Thursday, the U.S. dollar’s exchange rate against the Egyptian pound has reached EGP 6.7174 (buy price) and EGP 6.81 (sell price), representing an increase of EGP 0.3.

Egypt’s Central Bank (CBE) has offered US$ 50 million to local banks on Thursday at its 16^th FX auction which provides local banks with the U.S. currency.

Belal Khalil, Deputy Chairman of the Foreign Exchange Division of the Federation of the Chamber of Commerce, said dollar’s EGP 0.3 rise was driven by the CBE’s 16^th auction in order to provide the local banks with the U.S. currency aiming to help preserve foreign fund reserves.

Khalil noted that the demand for the U.S. dollar has become less stronger despite the country’s current political developments and recent violence.

CBE launched the FX auction at the beginning of this month in order to slow the country’s depletion of foreign reserves.

The value of dollar registered 6.37 (Sell price) at the beginning of launching this new system and hiked to EGP 6.78 (sell price).

This is the last FX auction before Farouk El-Okdah’s official resignation on Thursday.

The total amounts that CBE has offered in 16 FX auctions are as follows: