CBE Offers US$40 million FX Auction for Local Banks Today

The Central Bank of Egypt (CBE) has offered today its foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 157FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 6.730 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays. The price of US$ dollar in CBE’s auction closed at 6.9517 in the last FX Auction offered by the bank in the last FX Auction on Thursday January30.

The central bank announced that Egypt’s cash foreign exchange reserves fell by US$ $734 million by the end of last September, registering $17.032billion, against $17.765billion at the end of November.

Moreover, the bank offered exceptional dollar $ 1.5  billion Forex FX Auction for the banks which operating in the banking sector today Monday, so as to provide all the outstanding requests of banks to provide the basic needs of citizens.