CBE Offers US$60 Mln At Tuesday FX Auction

The Central Bank of Egypt (CBE) offered US$60 million to banks at a foreign currency auction on Tuesday. CBE offered the same amount at another FX auction on Sunday in order to slow the depletion of the country’s foreign reserves.

The Egyptian pound has weakened by more than 4 percent on the interbank market since the system was introduced on December 30. CBE auctioned a total of US$300 million in FX auctions last week.