CBE Offers US$ 40 Mln at FX Auction on Thursday

Egypt’s Central Bank (CBE) has offered on Thursday US$ 40 million to local banks at its 68th auction and the 51th since Hisham Ramez hold the office of the CBE’s Governor last February.

Accordingly, CBE has pumped around US$ 2.2 billion in the foreign exchange market through its FX auction in an attempt to provide foreign liquidity for the local banks so as to finance the import of essential commodities. Whereas there are deficiency in state’s resources resulting from political and security unrests as well as the silencing of investments and tourism movements.

Despite FX Auction contribution in providing US dollars, US dollars have posted higher rates of 0.75 piaster to stand at EGP 7.02, up from EGP 6.37 in FX Auction’s day. Whereas the average increase of US dollars rates per week reached one and a half Piaster coinciding with CBE’s FX Auctions. Furthermore, In CBE’s FX auction, yesterday, the exchange rates of US Dollars recorded US$ 6.9813.