CBE Offers US$ 40 Mln To Local Banks At FX Auction On Wednesday

The Central Bank of Egypt (CBE) offers US$ 40 million to local banks on Wednesday at its 36^th FX auction and the 20^th one since the appointment of Hisham Ramez as governor of CBE.

The value of dollars at FX auctions under the leadership of Ramez reached US$ 855 million.

CBE decided to allocate a ration of dollars to each bank ranging from 10% to 35% according to its market share and volume of letters of credit, in an attempt to regulate the monetary market and supply each bank with its requirements with rationing the value of dollars disbursed so as to reduce the depletion of foreign currency.

Ramez reduced the value of dollars offered at FX auctions as CBE was offering US$ 75 million, then US$ 50 million at two auctions and US$ 40 million at the latest auctions so as to ration the disbursement of foreign currency especially after foreign reserves fell to US$ 13.5 billion.

The values that CBE offered in FX auctions under the leadership of Hisham Ramez are as follows: