Egypt Central Bank Raises $40 mln at FX Auction
The Central Bank of Egypt (CBE) has offered today its second foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 94th FX Auction since application and the 77th since Hisham Ramez hold the office as the CBE’s Governor last February.
Hence, the CBE has pumped US$ 3.760 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised two exceptional FX Auction totaled at US$ 1.6 billion divided into two FX Auctions, issued last April and May.
It is worth noting that the central bank last time offered its FX auction was Monday, August 12th in which the US dollar’s was sold for EGP 6.98.
Dollar VS Pound
Since the Muslims’ feasts, the US dollar’s exchange rate is witnessing steady levels against the Egyptian pound at the levels of EGP 6.98 for buying and EGP 7.018 for selling.
Yet, the heightened political turmoil in Egypt is likely to strengthen once again the greenback’s prices against the Egyptian pound amid the blurred economic vision for the upcoming phase.
