CBE Offers its Last FX Auction for This Week

The Central Bank of Egypt (CBE) has offered today its last foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Thursday its 138th FX Auction since application and the 120th since Hesham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 5.970 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 on Wednesday, December 11th 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 dipped by around US$ 825 million to US$ 17.765 billion by the end of last November, against US$ 18.590 billion by October-end.