C. Bank Raises FX Auction Worth $40 mln on Wednesday

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 170 FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February worth US$7.260 billion, in addition to exceptional auctions with US$4.2 billion.

US$ dollar prices declined during the last FX Auction , recording EGP6.9506.

The central bank announced that Egypt’s cash foreign exchange reserves hit US$ $825 million by the end of last September, registering $17.765 billion, against $18.590 billion at the end of October.