Despite Turmoil, Egypt Central Bank Offers $40 mln at FX Auction

The Central Bank of Egypt (CBE) has offered today its first foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 93rd FX Auction since application and the 76th since Hisham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 3.3 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised two exceptional FX Auction totaled at US$ 1.4 billion divided into two FX Auctions, one on April 15th worth US$600 million and another on May 22nd at value of US$ 800 million.

It is worth noting that the central bank last time offered its FX auction was Wednesday, August 14th which coincided with the security crackdown against the supporters of the deposed president Mohamed Morsi.

Dollar VS Pound

Since the Muslims’ feasts, the US dollar’s exchange rate is witnessing steady levels against the Egyptian pound at EGP 6.99 for buying and EGP 7.02 for selling.

However, the heightened political turmoil in Egypt is likely to strengthen once again the greenback’s prices against the Egyptian pound amid the blurred economic vision for the upcoming phase.