CBE Offers US$ 40 Mln At The Week’s 1st FX Auction

The Central Bank of Egypt (CBE) has offered US$ 40 million to local banks on Monday at its 56th FX auction and the 40th one since the appointment of Hisham Ramez as governor of the central bank last February.

This raises the value of dollars offered at FX auctions under the leadership of Ramez to US$ 1.640 billion, in addition to US$ 600 million offered at an exceptional auction conducted at the middle of last April to meet the need to import basic goods.

The dollar’s price has largely surged against the Egyptian pound since the implementation of FX auction mechanism from EGP 6.37 to reach EGP 6.986 at the end of last week.