US Dollar Slightly Falls on Sunday’s Egypt Central Bank Sale

The US dollar’s exchange rate against Egyptian pound slightly went lower on Monday at the official market to EGP 7.0022 (buy price) and EGP 7.0323 (sell price), compared to EGP 7.0025 (buy price) and EGP 7.0326 (sell price) on Sunday.

The Gulf aid packages totaled at US$ 12 billion to support Egypt pledged by the United Arab Emirates, Saudi Arabia and Kuwait are expected to boost the national currency against the greenback within the upcoming period in both official and black markets.

The Central Bank of Egypt (CBE) has offered its first foreign exchange auction for this week valued at US$ 40 million for local banks. The central bank is offering today  its 83rd FX Auction since application and the 66th since Hisham Ramez hold the office as the CBE’s Governor last February.

The central bank introduced the currency sales, held three times a week, at the end of December to help stave off a currency crisis and thwart a run on the pound.