The Central Bank of Egypt (CBE) offers US$ 40 million to local banks on Wednesday at its 36th FX auction and the 20th one since the appointment of Hisham Ramez as governor of CBE.
The value of dollars at FX auctions under the leadership of Ramez reached US$ 855 million.
CBE decided to allocate a ration of dollars to each bank ranging from 10% to 35% according to its market share and volume of letters of credit, in an attempt to regulate the monetary market and supply each bank with its requirements with rationing the value of dollars disbursed so as to reduce the depletion of foreign currency.
Ramez reduced the value of dollars offered at FX auctions as CBE was offering US$ 75 million, then US$ 50 million at two auctions and US$ 40 million at the latest auctions so as to ration the disbursement of foreign currency especially after foreign reserves fell to US$ 13.5 billion.
The values that CBE offered in FX auctions under the leadership of Hisham Ramez are as follows:
Date |
Offer Value |
Monday, February 4th, 2013 |
US$ 75 million |
Wednesday, February 6th, 2013 |
US$ 50 million |
Thursday, February 7th, 2013 |
US$ 50 million |
Monday, February 11th, 2013 |
US$ 40 million |
Wednesday, February 13th, 2013 |
US$ 40 million |
Thursday, February 14th, 2013 |
US$ 40 million |
Monday, February 18th, 2013 |
US$ 40 million |
Wednesday, February 20th, 2013 |
US$ 40 million |
Thursday, February 21st, 2013 |
US$ 40 million |
Monday, February 25th, 2013 |
US$ 40 million |
Wednesday, February 27th, 2013 |
US$ 40 million |
Thursday, February 28th, 2013 |
US$ 40 million |
Monday, March 4th, 2013 |
US$ 40 million |
Wednesday, March 6th, 2013 |
US$ 40 million |
Thursday, March 7th, 2013 |
US$ 40 million |
Monday, March 11th, 2013 |
US$ 40 million |
Wednesday, March 13th, 2013 |
US$ 40 million |
Thursday, March 14th, 2013 |
US$ 40 million |
Monday, March 18th, 2013 |
US$ 40 million |
Wednesday, March 20th, 2013 |
US$ 40 million |
Total Value |
US$ 855 million |