US Dollar Further Falls to EGP6.90 on Central Bank’s Sale

On Monday,  the US dollar’s prices against the Egyptian pound continued to fall against the Egyptian pound to hit EGP 6.90 for buying and EGP 6.93 for selling, compared to Sunday’s levels of EGP 6.91 for buying and EGP 6.94 for selling.

This comes after the Egyptian Central Bank had offered on Monday its 100th FX auction for the local banks.

Hence, the CBE has pumped US$ 4 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised two exceptional FX Auction totaled at US$ 2.9 billion divided into two FX Auctions, issued last April and May.

The Central Bank’s exceptional auction offered on September 4th has driven the greenback’s prices to fall below the EGP 7.00 for the first time since June.

It is worth noting that the US dollar’s prices exceeded the 7 pounds levels on June 24, reporting EGP 7.002 for buying and EGP 7.04 for selling.

The Egyptian pound jumped 1.2 percent on Wednesday at a $1.3-billion foreign currency sale – its biggest ever – as the Egyptian Central Bank (CBE) gambled a large chunk of its reserves to show that Egypt’s economic turbulence was coming to an end.

Wednesday’s FX auction was designed to finance strategic imports such as wheat, meat and cooking oil, the central bank said when it announced the sale on Tuesday, its largest since the $800 million it offered in May.