CBE Offers Egypt Banks $40 mln at FX Auction

The Central Bank of Egypt (CBE) has offered today its periodic foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Wednesday its 97th FX Auction since application and the 80th since Hisham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 3.880 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised two exceptional FX Auction totaled at US$ 1.6 billion divided into two FX Auctions, issued last April and May.

The central bank last time offered its FX auction was Monday, August 26th in which the US dollar’s was sold for EGP 6.98.

Dollar VS Pound

The US dollar’s exchange rate is witnessing steady levels against the Egyptian pound at the levels of EGP 6.98 for buying and EGP 7.016 for selling. In the black market, the greenback’s prices hit EGP 7.21 for buying and EGP 7.25 for selling.