C. Bank Offers Its 1st FX Auction of US$40mn 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 193FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February worth US$8.200 billion, in addition to exceptional auctions with US$4.2 billion within 2013 and Q1 of 2014.

US$ dollar price increased by EGP6.9750 , and the dollar prices boosted to EGP1.23 to become EGP7.0075 for buying and EGP7.0367 for selling  compared to EGP6.995 for buying and EGP7.0253 for selling.

US$dollar price increased to EGP6.9976 in Wednesday’s auction to close to EGP7.

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.