Dollar Falls To EGP6.73 Amid Expectations To Replace FX Auctions Mechanism: NBE

As Hisham Ramez has officially become the new Governor of  Egyptian Central Bank, the U.S. dollar has dropped against the Egyptian pound on Wednesday to reach EGP 6.7019 (buy price) and EGP 6.732 (sell price), representing a decrease of EGP 0.1, according to the National Bank of Egypt (NBE)’s latest data report.

The U.S. currency’s Monday fall due to the decree taken by Ramez to cancel the Central Bank’s dollar offering to the local banks on Sunday as well as Monday amid expectations of witnessing a new system replacing the FX auctions to be adopted by the CBE so as to curb dollar’s rises against the pound, sources told Amwal Al Ghad.

The Egyptian President Mohamed Morsi approved on Saturday the appointment of Hisham Ramez as governor of the Central Bank of Egypt as of Sunday February 3rd, 2013 for a term of four years.

After reviewing the Constitution and law no. 88 of 2003 promulgating the Central Bank, the Banking Sector and Money Law, the decree was submitted to Cabinet and Shura Council (upper house of parliament) which approved last week the nomination of Ramez as governor of CBE on January 27th, 2013.

Ramez will replace Farouk El-Okdah who has been governor of CBE from 2003 and resigned after the approval of the new constitution which states that a senior government official cannot take more than two terms in office and El-Okdah occupied this post for three consecutive terms.