Egypt Pound Hits EGP 6.92 Against US Dollar in Week

On Saturday, the exchange rate of the Egyptian pound against US Dollar have slightly increased to EGP 6.8908 for buying and EGP 6.9209 for selling, compared to the last week’s  levels of EGP 6.8927 for buying and EGP 6.9228 for selling.

The pound has hit about 10 Piaster since the Central Bank of Egypt (CBE) offered the non-periodic FX Auction which reached $1.3 billion on September 4th , whereas the prices of US Dollar declined from 6.9851 for buying and 7.0152 for selling .

CBE offered three periodic FX Auction during the last week, so the total auctions become 111 with worth $ 4.440 billion.

The cash reserves of foreign currency to the CBE have witnessed a major developments, where the central bank returned $ 3 billion deposits to Qatar, including $ 2 billion because of rejecting to make them into bonds and one billion dollars deposit for maturity.

 Meanwhile, CBE has received Kuwaiti deposit worth $ 2 billion among the foreign aids which reached around $12 billion so as to support the cash reserves for foreign currencies.