CBE Offers US$75 Mln To Local Banks On Thursday FX Auction

The Central Bank of Egypt (CBE) offers US$75 million to local banks at its 3rd foreign currency auction this week, with a maximum of US$11 million for each bank.

This is the 11th FX auction that CBE has launched, in order to slow the country’s depletion of foreign reserves. The total amount that CBE has offered since launching the new system in December 30th 2012 reached US$ 745 million.

CBE decided to reduce the number of FX auctions to three auctions this week, instead of daily auctions, so as to curb the negative impact of these auctions on the Egyptian pound against US dollar.

The total amounts that CBE has offered in 11 FX auctions are as follows:

Date

Value In Million US Dollar

Sunday, December 30th, 2012

75

Monday, December 31th, 2012

75

Wednesday, January 2nd, 2013

75

Thursday, January  3rd, 2013

75

Sunday, January 6th, 2013

60

Tuesday, January 8th, 2013

60

Wednesday, January 9th, 2013

50

Thursday, January 10th, 2013

50

Sunday, January 13th, 2013

75

Tuesday, January 15th, 2013

75

Thursday, January 17th, 2013

75

Total Value

745

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