CBE Offers Egypt Banks $40 mln at FX Auction

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 Monday its 99th FX Auction since application and the 82nd since Hisham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 3.960 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 Thursday, August 29th in which the US dollar’s was sold for EGP 6.98.

Dollar VS Pound

Since the Muslim’s feasts Eid El-Fitr holidays, the US dollar’s price against the Egyptian pound is relatively stable at levels of EGP 6.98 for buying and EGP 7.015 for selling. Meanwhile in  the black market, the greenback’s prices were sold for EGP 7.10.

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