Egypt’s Central Bank Offers US$ 800 Mln At Exceptional FX Auction

By Administrator On May 22, 2013

The Central Bank of Egypt (CBE) Offers US$ 800 million on Wednesday at an exceptional auction so as to address the needs of local banks to finance the import of basic goods.

Egypt needs to import some essential commodities such as tea, meat, poultry, fish, wheat, cooking oil and other goods.

Banks shall submit their bids to this auction from 11:00 to 12:00.

This is the second exceptional auction conducted by the central bank after it earlier offered US$ 600 million at the end of last April.

The Governor of the central bank, Hisham Ramez, has announced that CBE will adopt a policy to conduct unexpected auctions so as to combat the dollar black market.