Egypt Central Bank Offers US$ 40 Mln at FX Auction Todayy

Central Bank of Egypt (CBE) has offered on Wednesday US$ 40 million to local banks at its 64th auction and the 48th since Hisham Ramez hold the office of the CBE’s Governor last February.

Accordingly, CBE has pumped around US$ 1.94 billion in the foreign exchange market through its periodical FX auction in an attempt to provide the for foreign liquidity for the local banks so as to finance the import of essential commodities.

The central bank has also pumped US$ 1.4 billion through two non-periodic FX auctions worth USD 1.4 billion;  the first auction was by the middle of last April worth US$ 600 million and the second was two weeks ago worth US$ 800 million.

Furthermore, In CBE’s last FX auction, on last Monday, exchange rates of US Dollars recorded US$ 6.9753, while yesterday it recorded US$ 7.0153 at banks.