CBE Offers US$ 40 Mln To Local Banks At FX Auction On Monday

The Central Bank of Egypt (CBE) offers US$ 40 million to local banks on Monday at its 38th FX auction and the 22nd one since the appointment of Hisham Ramez as governor of CBE.

Ramez decided to conduct these auctions on Mondays, Wednesdays and Thursdays only so as to ration the disbursement of foreign currency especially after foreign reserves fell to US$ 13.5 billion.

CBE has offered US$ 895 million to local banks under the leadership of Ramez so as to provide banks with foreign currency and cover the customers’ requirements. CBE reduced the value of dollars it offers as it started to offer US$ 75 million, then US$ 50 million at two auctions and US$ 40 million at the latest auctions.