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

The Central Bank of Egypt (CBE) offers US$ 40 million to local banks on Thursday, with a maximum of US$ 6 million to each bank at its 25^th FX auction and the ninth one since the appointment of Hisham Ramez, governor of CBE, sources said.

The maximum value of dollars offered at FX auctions was US$ 75 million, while the market requires US$ 110 million daily as stated by Mahmoud Fayez, former manager of the Federation of Egyptian Banks (FEB).

After assuming the responsibilities of his new position, Ramez started offering US$ 75 million at an auction, then US$ 50 million at two auctions and US$ 40 million at the latest six auctions, bringing the amount that CBE offered since the appointment of Ramez to US$ 415 million.

Ramez said in an interview on CBC channel that CBE reduced the value of dollars offered at auctions so as to meet the country’s requirements of main commodities imports.

The values that CBE offered in FX auctions under the leadership of Hisham Ramez are as follows: