CBE Conducts Three FX Auctions For Another Week

The Central Bank of Egypt (CBE) plans to conduct three FX auctions this week for the second consecutive time; instead of daily auctions.

Sources said the value of the offered foreign currency will be determined before each auction, but it is expected to reach US$ 75 million.

Sources affirmed that FX auctions will contribute in the long term to curbing the hike in the value of the dollar against the Egyptian pound, and eliminating dollarization after its selling price reaches EGP 6.70.

It is worth noting that CBE reduced the number of FX auctions from 5 days a week to 3 days a week last week and in each auction it offered US$ 75 million to local banks.

The total amounts that CBE offered in 11 FX auctions are as follows: