Egypt C. Bank Offers $40 mln at FX-Auction for Local Banks

The Central Bank of Egypt (CBE) has offered today its final foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Thursday its 115th FX Auction since application and the 98th since Hesham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$ 4.600 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 US Dollar FX Auction on Thursday October 10th worth $40 million , in which the banks have covered $38.8 million, US $ dollar price closed at EGP 6.88.

The central bank announced that the foreign exchange reserves hit US$ 18.709 billion by the end of last September, against US$ 18.916 billion by the end of last August, down US$ 207 million.