C.Bank Offers its 1st FX Auction US$40mln of 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 187 FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February worth US$7.960 billion, in addition to exceptional auctions with US$4.2 billion.

After two weeks from greenback’s rises in which US$ dollar price attained 1.5 penny , the last week witnessed stability in prices unchanged at EGP6.975 for buying and EGP7.0051 selling and the dollar’s prices stabled at EGP6.9651 at CBE’s auction.

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.