C. Bank Offers Its First FX Auction US$40mln of this Week

The Central Bank of Egypt (CBE) has offered today its first foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 196FX Auction since Hisham Ramez hold the office as the CBE’s Governor last February worth US$8.320 billion, in addition to exceptional auctions with US$4.2 billion within 2013 and Q1 of 2014.

The last Auction of US$ dollar price increased by EGP7.0350 , and the dollar prices boosted to become EGP7.075 for buying and EGP7.0449 for selling.

The central bank announced that Egypt’s cash foreign exchange reserves hit US$ 95 million by the end of last September, registering $17.489 billion, against $17.307 billion at the end of last April.