CBE Offers $40 mln FX Auction for Local Banks

 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 Thursday its 111th FX Auction since application and the 94th since Hisham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 4.400 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised two exceptional FX Auctions totaled at US$ 2.7 billion divided into two FX Auctions, issued last April and May as well as the current September.

The central bank has offered its last US Dollar FX Auction worth $40 million, the banks have covered the offering with $38.8 million, the dollar reached EGP 6.88 in this offering.

The central bank announced the size of foreign exchange reserves has at the end of September where a record $ 18.709 billion against $ 18.916 billion at the end of August, down $ 207 million.