Egypt Pound Slightly up at Monday Forex Auction

The Egyptian pound edged slightly higher at a central bank foreign exchange auction on Monday, coinciding the start of the deposed president Mohamed Morsi’s trial. Accordingly, the US dollar has hit EGP 6.889 for buying and EGP 6.9191 for selling on Monday, against EGP 6.8892 for buying and EGP 6.9193 for selling on Sunday.

The central bank sold $38.8 million to banks at the auction.

The Central Bank of Egypt (CBE) has offered early today its first foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank was offering on Monday its 121st FX Auction since application and the 103rd since Hesham Ramez hold the office as the CBE’s Governor last February.

Accordingly, the CBE has pumped US$ 5.300 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition to US$ 2.7 billion through the non-periodic FX Auction , issued last April and May as well as the current September.

The central bank announced that the foreign exchange reserves hit US$ 18.709 billion by the end of last September, against US$ 18.916 billion by the end of last August, down US$ 207 million.