C.Bank Offers US$40 mln FX Auction for Local Banks Today

The Central Bank of Egypt (CBE) has offered today its second foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 185 FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February worth US$7.880 billion, in addition to exceptional auctions with US$4.2 billion.

CBE is working to provide greenback through periodic auctions with three auctions weekly with total value US$120 million, while pumping large amounts of dollar liquidity to banks without pre-announcement through exceptional auctions to fight dollarization operations and provide liquidity by reducing the size of the black market.

The central bank announced that Egypt’s cash foreign exchange reserves hit US$ $107 million by the end of last September, registering $17.414 billion, against $17.307 billion at the end of November.