CBE Offering $ 1.5 bln Exceptional FX Auction Monday

The Central Bank of Egypt (CBE) has announced in a statement that it will be holding an exceptional dollar $ 1.5  billion Forex FX Auction for the banks which operating in the banking sector today Monday, so as to provide all the outstanding requests of banks to provide the basic needs of citizens.

This is the fourth FX Auction for the CBE after it has risen by CBE three times weekly.

CBE has spent billions of dollars to support the local currency pound since January 2011 uprising, which negatively affected tourism revenue and foreign investment, according to Reuters.