Egypt C.Bank to Offer US$40 Mln at Today FX Auction

The Central Bank of Egypt (CBE) will be offering today US$ 40 million to the local banks at its 77th foreign exchange auction. Accordingly, CBE has pumped US$ 2.4 billion, through periodic auctions, in the foreign exchange market since last February.

CBE has used to raise USD 40 million through periodic FX Auctions on Mondays, Wednesdays and Thursdays. It is worth mentioning that CBE has offered 60 FX Auctions since Hisham Ramez hold the office of the CBE’s Governor last February.

CBE had also raised two exceptional FX Auction totaled at US$ 1.4 billion divided into two FX Auctions; one on 15th April worth US$ 600 million and another on 22nd May at value of US$ 800 million.

It is worth mentioning that CBE had introduced FX auctions at the end of last year in an effort to provide the market with US dollar liquidity, following the country’s shortage of hard currency, which resulted from the political, and security’s unrests as well as the halt of the investment and tourism’s activities.

Moreover, US dollar reached EGP 7.0184 during CBE last FX auction, whilst in the official marker US dollar stood at EGP7.0584.