Local Banks Buy US$38.6 mln from CBE ,Auction’s Price Surges1 Piasters

The Central Bank of Egypt (CBE) has offered today its foreign exchange auction for this week of the last week  totaled US$ 40 million for local banks. The local banks obtained US$ 38.6 million.

This is the 144th FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February.

Hence, the price of US$ increased by EGP 6.9282, against EGP6.9175 in the FX auction of Wednesday.  The value of periodic FX Auctions which offered by CBE reached US$6.210 billion in addition US$ 2.7 billion through the non-periodic FX Auction, issued last April and May as well as September.

The central bank announced that Egypt’s cash foreign exchange reserves fell by US$ $825 million by the end of last September, registering $17.765 billion, against $18.590 billion at the end of October.