Egypt’s Central Bank Offers US$ 40 Mln At Thursday’s FX Auction

The Central Bank of Egypt (CBE) offers US$ 40 million to local banks at its 62nd FX auction and 46th one since the appointment of Hisham Ramez as Governor of CBE last February.

This raises the value of dollars offered at regular FX auctions to US$ 1.88 billion as well as US$ 1.4 billion at exceptional FX auctions. The bank offered US$ 600 million at the first exceptional auction at the middle of last April to meet banks’ needs to finance the import of essential goods and this led to the decline of the dollar’ price by 0.65 to reach EGP 7.30 from EGP 7.95 in the black market and offered US$ 800 million at the second exceptional FX auction last week for the same purpose.

The dollar’s price steadied at EGP 7.35 in the black market and EGP 7.012 in the official market for the last two weeks, but it rose slightly again concurrently with the regular FX auction to reach EGP 7.0131.