C.Bank Raises its Second FX Auction for this Week at US$40mn

The Central Bank of Egypt (CBE) has offered today its second foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Wednesday its 148th FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February.

Through 2013, the CBE pumped US$ 6.370 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, 2.7 billion through 3 non-periodic FX Auction, issued last April and May as well as the current September.

The central bank has offered its last FX Auction on Monday, January 6th worth $ 40 million, in which the banks have covered $37.2 million.

The Central Bank of Egypt (CBE) announced on Monday the country’s foreign cash reserves hit $17.031 billion at the end of December 2013, with a decline of $734 million from $17.765 billion a month earlier.