Egypt’s Central Bank Offers US$ 40 Mln At Last FX Auction This Week

The Central Bank of Egypt (CBE) has offered US$ 40 million to local banks at its 55th FX auction and the 39th auction since the appointment of Hisham Ramez as Governor of the bank last February.

This is the second auction and the last one conducted this week after cancelling Monday’s auction because it was an official day off on the occasion of Easter Holiday. This auction raises the value of dollars offered at FX auctions under the leadership of Ramez to US$ 1.560 billion, in addition to US$ 600 million offered at an exceptional auction at the middle of last April to meet the banks’ demand for dollar liquidity to import the basic goods.