CBE Offers Egypt Banks $40 mln at FX Auction

The Central Bank of Egypt (CBE) has offered today its final foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Thursday its 102nd FX Auction since application and the 85th since Hisham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 4 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised two exceptional FX Auction totaled at US$ 2.9 billion divided into two FX Auctions, issued last April and May.

The central bank last time offered its FX auction was Wednesday, Sept 11th in which the US dollar’s was sold for EGP 6.89.

Dollar VS Pound

The US dollar’s prices against the Egyptian pound have fallen below EGP 7 for the first time since June, triggered by the Central Bank’s exceptional auction offered on September 4th. The US dollar hit EGP 6.895 for buying and EGP 6.925 for selling this morning.