CBE Raises Its First US$ 40 mln FX Auction Of This Week

The Central Bank of Egypt (CBE) has offered today its final foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Thursday its 118th FX Auction since application and the 101 since Hesham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 4.720 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, 2.7 billion through the non-periodic FX Auction , issued last April and May as well as the current September.

The central bank has offered its last US Dollar FX Auction at the end of the last week worth $40 million , in which the banks have covered $38.8 million, US $ dollar price closed at EGP 6.88.

The central bank announced that the foreign exchange reserves hit US$ 18.709 billion by the end of last September, against US$ 18.916 billion by the end of last August, down US$ 207 million.