CBE Offers its First FX Auction for This Week

The Central Bank of Egypt (CBE) offers today its first foreign exchange auction for this week worth US$ 40 million for local banks.

The central bank has offered on Monday its 130th FX Auction since application and the 112th  since Hesham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped so far US$5.640 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 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’s 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 US$ 119 million.