CBE Offers US$ 50 Mln To Local Banks On Sunday FX Auction

The Central Bank of Egypt (CBE) offers US$ 50 million to local banks on Sunday at its 14th FX auction, bringing the amount it offer since launching the new system to US$ 945 million.

Sources said CBE reduced the amount it offers in FX auctions from US$ 75 million to US$ 50 million because of the lack of dollar liquidity held by banks.

CBE decided to conduct three auctions only this week so as to reduce the negative impact of these auctions on the value of Egyptian pound against the dollar which stood at EGP 6.60.

The total amounts that CBE has offered in 14 FX auctions are as follows: