The Central Bank of Egypt (CBE) offers US$ 40 million to local banks on Wednesday, with a maximum of US$ 6 million to each bank at its 24th FX auction and the eighth one since the appointment of Hisham Ramez, governor of CBE, sources said.
The maximum value of dollars offered at FX auctions was US$ 75 million, while the market requires US$ 110 million daily as stated by Mahmoud Fayez, former manager of the Federation of Egyptian Banks (FEB).
After assuming the responsibilities of his new position, Ramez started offering US$ 75 million at an auction, then US$ 50 million at two auctions and US$ 40 million at the latest five auctions, bringing the amount that CBE offered since the appointment of Ramez to US$ 375 million.
Ramez said in an interview on CBC channel that CBE reduced the value of dollars offered at auctions so as to meet the country’s requirements of importing main commodities.
The values that CBE offered in FX auctions under the leadership of Hisham Ramez are as follows:
|
Date |
Offer Value |
|
Monday, February 4th, 2013 |
US$ 75 million |
|
Wednesday, February 6th, 2013 |
US$ 50 million |
|
Thursday, February 7th, 2013 |
US$ 50 million |
|
Monday, February 11th, 2013 |
US$ 40 million |
|
Wednesday, February 13th, 2013 |
US$ 40 million |
|
Thursday, February 14th, 2013 |
US$ 40 million |
|
Monday, February 18th, 2013 |
US$ 40 million |
|
Wednesday, February 20th, 2013 |
US$ 40 million |
|
Total Value |
US$ 375 million |
