U.S. Dollar Hits EGP 6.75 On Central Bank’s 14th FX Auction

The U.S. dollar’s exchange rate against the Egyptian pound has hit on Sunday EGP 6.65 (buy price) and EGP 6.75 (sell price), representing an increase of EGP 0.2, compared to the price of the end of the last week of EGP 6.66 (buy price) and EGP 6.73 (sell price) .

The Central Bank of Egypt (CBE) has offered US$ 50 million to local banks on Sunday at its 14^th FX auction which provides local banks with the U.S. currency.

The total amount that CBE has offered since launching the new system in December 30^th 2012 reached US$ 945 million.

Belal Khalil, Deputy Chairman of the Foreign Exchange Division of the Federation of the Chamber of Commerce, said dollar’s EGP 0.2 rise on Sunday was driven by the CBE’s auctions in order to provide the local banks with the U.S. currency aiming to help preserve foreign fund reserves.

Khalil noted that the demand for the U.S. dollar has become less stronger despite the country’s current political developments and recent violence.