C. Bank Raises Its Last FX Auction of US$40mn for this Week

The Central Bank of Egypt (CBE) has offered today its last foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 189 FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February worth US$8.040 billion, in addition to exceptional auctions with US$4.2 billion.

After CBE has offered its second FX Auction of this week yesterday Wednesday, US$ dollar price increased by EGP6.9750 , and the dollar prices boosted to EGP6.9849 for buying and EGP7.015 for selling  compared to EGP6.9801 for buying and EGP7.0102 for selling.

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.