Egypt C. Bank Offers its 128th FX Auction for Local Banks $40 mln

The Central Bank of Egypt (CBE) has offered today its last foreign exchange auction of this week totaled US$ 40 million for local banks. The central bank is offering on Thursday its 128th FX Auction since application and the 110th  since Hesham Ramez hold the office as the CBE’s Governor last February.

Hence, the CBE has pumped US$5.580 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 at the end of the last week worth $40 million , in which the banks have covered $38.8 million.

The central bank announced that the foreign exchange reserves hit US$ 18.590 billion by the end of last September, against US$ 18.709 billion by the end of last August, down US$ 119 million.