Dollar Hits EGP 6.54 On CBE’s 8th Day Auction: NBE

The Egyptian pound weakened at a central bank auction of dollars on Thursday, the eighth such sale since it introduced a new regime to reduce pressure on its currency.

The U.S. dollar’s exchange rate increased EGP 0.3 against the Egyptian pound to reach EGP 6.5423 (buy price) and EGP 6.5424 (sell price), according the National Bank of Egypt (NBE)’s data report.

The Central Bank of Egypt (CBE) offered US$50 million to local banks at foreign currency auction on Thursday, bringing the total amount it has offered since it launched the new FX auction system which aims at slowing the country’s depletion of foreign reserves.

The bank offered US$75 million during the first week of the auctions, which were introduced on December 30th. CBE began reducing the amount it offers at such auctions this week.