Egypt’s Central Bank Offers US$ 40 Mln At Monday’s FX Auction
The Central Bank of Egypt (CBE) offers US$ 40 million on Monday to local banks at its 52nd FX auction and the 36th one since Hisham Ramez has been named the Governor of CBE last February.
This auction brings the value of dollars offered at FX auctions under the leadership of Ramez to US$ 1.44 billion, in addition to US$ 600 million offered at an exceptional auction to provide banks with the dollar liquidity needed to import wheat, meat, cooking oil and other basic goods.
CBE offered US$ 80 million only last week at two auctions on Monday and Wednesday so as to limit the increase in the value of dollar against the Egyptian pound. The dollar’s value rose to EGP 6.9563 at the end of the week’s transactions, while it steadied at EGP 6.9334 at the beginning of last week.
