CBE Offers $ 40 Mln FX Auction For Local Banks

The Central Bank of Egypt (CBE) has offered today FX Auction worth $ 40 million for local banks  at its 81 foreign exchange auction by the end of the last year and 64 FX Auctions since Hisham Ramez hold the office of the CBE’s Governor last February.

CBE has pumped $ 2.560 billion through periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised two exceptional FX Auction totaled at US $ 1.4 billion divided into two FX Auctions, one on 15th April worth US $600 million and another on 22nd May at value of US $ 800 million.

The Banks  have covered $ 38.4 million of CBE’s auction in the last week with EGP 6.99, US dollar declined with EGP 7.0328.