Dollar Ups To EGP 6.74 On Central Bank’s 18th FX Auction

As Egypt’s Central Bank has offered its 18^th FX auction and the second since the new governor hold office, the exchange rate of the U.S. dollar rose on Wednesday to EGP 6.71 (buy price) and EGP 6.74 (sell price), representing an increase of EGP 0.1.

The Central Bank of Egypt (CBE) has offered on Wednesday US$ 50 million to local banks in its 18th FX auction so as to address the dollar shortage at banks.

Belal Khalil, Deputy Chairman of the Foreign Exchange Division of the Federation of the Chamber of Commerce, said the price of the U.S. currency rose today by EGP 0.1 only noting that canceling the commissions for the non-traders during their transactions has contributed to lessen dollar’s record increase during the previous period.

Currencies’ exchange rates against the Egyptian pound according to the National Bank of Egypt (NBE) are as follow: