CBE Offers its First FX Auction for This Week with $40 mln
The Central Bank of Egypt (CBE) has offered today its first foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 133rd FX Auction since application and the 115th since Hesham Ramez hold the office as the CBE’s Governor last February.
Hence, the CBE has pumped US$ 5.760 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, 2.7 billion through the non-periodic FX Auction , issued last April and May as well as the current September.
The central bank has offered its last FX Auction at the end of the last week worth $ 40 million, in which the banks have covered $38.8 million. The US dollar was sold for EGP 6.87 last Thursday.
The central bank announced that Egypt’s cash foreign exchange reserves hit US$ 18.590 billion by the end of last September, against US$ 18.709 billion by the end of last August, down US$ 119 million.
