Egypt Central Bank Offers US$ 40 Mln At FX Auction

Central Bank of Egypt has offered on Monday US$ 40 million to local banks at its 63th auction and CBE’s 47th one since Hisham Ramez hold the office of the CBE’s Governor last February.

This raises the value of dollars offered at regular FX auctions to US$ 1.92 billion as well as US$ 1.4 billion at exceptional FX auctions. The bank offered US$ 600 million at the first exceptional auction at the middle of last April to meet banks’ needs to finance the import of essential goods and this led to the decline of the dollar’ price by 0.65 to reach EGP 7.30 from EGP 7.95 in the black market and offered US$ 800 million at the second exceptional FX auction last week for the same purpose.

Furthermore, the exchange rates of US Dollars reported relative stability last week for the first time since the activation of FX Auctions as it reached by the beginning of this week EGP 6.9819 for buying and EGP 7.012 for selling, moreover it achieved a slightly higher to reach EGP 6.9837 for buying and 7.01238 for buying in comparison with the last weeks, whereas the medium rise reached one and a half piaster coinciding with CBE’s periodical offers which are three tender per week.