CBE Offers $40 mln FX Auction for Local Banks Today

The Central Bank of Egypt (CBE) has offered today its foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 143nd FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 6.170 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition US$ 2.7 billion through the non-periodic FX Auction, issued last April and May as well as September.

The central bank has offered its last FX Auction on Monday, December 23th worth $ 40 million, in which the banks was sold EGP 38.6 million of the total auctions, the price of US$ hit EGP6.9075 against EGP6.897 in the previous auction.

The central bank announced that Egypt’s cash foreign exchange reserves fell by US$ $825 million by the end of last September, registering $17.765 billion, against $18.590 billion at the end of October.