CBE Offers its 1st FX Auction of this week at US$40 mln

The Central Bank of Egypt (CBE) has offered today its first foreign exchange auction of this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 127th FX Auction since application and the 109th  since Hesham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 5.520 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 and the US dollar was sold for EGP 6.87.

The central bank announced that the foreign exchange reserves hit US$ 18.590 billion by the end of last September, against US$ 18.709 billion by the end of last August, down by US$ 119 million.