C.Bank offers Egypt Banks First FX Auction for This Week
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 142nd FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February.
Hence, the CBE has pumped US$ 6.897 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 on Thursday, December 19th worth $ 40 million, in which the banks have covered $37.2 million. The US dollar was sold for EGP 6.897 last Thursday.
The central bank announced that Egypt’s cash foreign exchange reserves fell by US$ $825 million by the end of last September, registering $17.765 billion, against $18.590 billion at the end of October.
