Egypt Central Offers Banks US$40 Mln At FX Auction
The Central Bank of Egypt (CBE) has offered its last offering for this week US$ 40 million to local banks on Thursday at its 49th FX Auction. Accordingly, The total value of the auctions offered by the central bank have reached US$ 1.32 billion since Hisham Ramez was named the governor of the CBE last February.
On Sunday, Egypt’s central bank sold a record US$600 million to local lenders to finance imports of basic commodities such as wheat after the cash-strapped government secured a $3 billion support pledge from Qatar.
The regulator sold all of the dollars it offered at the exceptional auction at a weighted average of 6.872 pounds each, a 0.2 percent depreciation for the local currency from the last currency sale on April 11.
Upon Sunday’s exceptional offer, the Central Bank has offered around US$ 1.88 billion to local banks since Ramez hold the governor office. The CBE’s offers have given the black market heavy blow driving the US dollar’s price to decline from EGP 7.95 to EGP 7.30 against the Egyptian pound; while it was steadied in banks and forex firms at EGP 6.92.
