Central Bank of Egypt Raises $40 mln at FX Auction

The Central Bank of Egypt (CBE) has offered today its first foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 139th FX Auction since application and the 121st since Hesham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 6.010 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, 2.7 billion through the 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 Thursday, December 12th worth $ 40 million, in which the banks have covered $38.8 million. The US dollar was sold for EGP 6.87 last Thursday.

The central bank announced that Egypt’s cash foreign exchange reserves dipped by around US$ 825 million to US$ 17.765 billion by the end of last November, against US$ 18.590 billion by October-end.