Egypt’s Central Bank Offers US$ 40 Mln At Thursday’s FX Auction

The Central Bank of Egypt (CBE) has offered US$ 40 million to local banks on Thursday at the 58^th FX auction and the 42^nd auction since the appointment of Hisham Ramez as governor of the central bank last February.

This raises the value of dollars offered at FX auctions under the leadership of Ramez to US$ 1.720 billion, in addition to US$ 600 million offered at an exceptional auction at the middle of last April.

The dollar’s price has largely surged against the Egyptian pound since the implementation of FX auction mechanism from EGP 6.37 to reach EGP 6.986 yesterday.