Egypt. C.Bank Delay its 75th FX Auction On New FY Start

Egypt’s Central Bank (CBE) has decided to delay its 75th Foreign Exchange Auction on Monday for it coincides with the banks’ official vacation of the new fiscal year 2013/14. 

CBE has used to raise USD 40 million through periodic FX Auctions on Mondays, Wednesdays and Thursdays.
It is worth mentioning that the central bank has offered 57 FX Auctions since Hisham Ramez hold the office of the CBE’s Governor last February.
CBE has also raised two exceptional FX Auction totaled at US$ 1.4 billion divided into two FX Auctions; one in April worth US$ 600 million and another in last May at value of US$ 800 million.

It is customary that the banks in Egypt finalize their budgets on June 30 so to take official holiday on the first of July celebrating the launch of the new FY13/14; these banks represented in the National Bank Egypt (NBE), Baque Misr, Egyptian Arab Land Bank (ELAB), the Principal Bank for Development and Agricultural Credit (PBDAC),  Export Development Bank of Egypt and CBE. Whist all the other banks, totaled at 35 banks, which tend to finalize their budgets on 31 December, are working normally today.

Moreover, the banks in the local market has taken precautionary and security measures yesterday with high state of anticipation, whereas many Egyptian squares witnessed massive protests and set-ins after number of opposition forces has called for demonstrations in so called “Tamarod’d Day”