CBE Offers its 100th FX Auction to Egypt 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 Monday its 100th FX Auction since application and the 83rd 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 Monday, Sept. 2nd in which the US dollar’s was sold for EGP 6.98.

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 6.91 for buying and EGP 6.94 for selling.

The greenback’s prices exceeded the 7 pounds levels on June 24, reporting EGP 7.002 for buying and EGP 7.04 for selling.

The Egyptian pound jumped 1.2 percent on Wednesday at a $1.3-billion foreign currency sale – its biggest ever – as the Egyptian Central Bank gambled a large chunk of its reserves to show that Egypt’s economic turbulence was coming to an end.