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

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 Thursday its169th FX Auction worth US$7.220 billion and 4 exceptional auctions worth US$4.2 billion since Hisham Ramez hold the office as the CBE’s Governor last February.

US$ dollar prices declined with nearly half a penny in  the central bank’s auctions  over the past week to a record in a tender of  last Thursday EGP6.9507 compared to EGP6.9511 at the previous tender Monday.

The Central Bank of Egypt (CBE) announced on Monday the country’s foreign cash reserves hit US$17.104 billion during January 2014, an increase of US$73 million, from US$17.031 billion at the end of December 2013.