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

The Central Bank of Egypt (CBE) has offered today its foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 158FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 6.770 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays. The price of US$ dollar in CBE’s auction closed at 6.9516 in the last FX Auction offered by the bank in the last FX Auction on the last Monday.

The central bank announced that Egypt’s cash foreign exchange reserves fell by US$ $734 million by the end of last September, registering $17.032billion, against $17.765billion at the end of November.

Moreover, the bank offered exceptional dollar $ 1.5  billion Forex FX Auction for the banks which operating in the banking sector, so as to provide all the outstanding requests of banks to provide the basic needs of citizens so the total exceptional auctions reached US$4.2 billion.