The Central Bank of Egypt (CBE) has delayed its 17th FX auction on Monday for the second consecutive time, on the second day of the newly-appointed Governor Hisham Ramez at CBE, sources said.
A number of bankers and forex experts affirmed that stabilizing the forex market is one of the main challenges facing the new governor in the current period.
CBE delayed its 17th FX auction yesterday after it was slated to conduct three FX auctions this week: on Sunday, Tuesday and Thursday. Some experts expected Ramez to take the required procedures to stabilize the forex market so as to avoid a potential collapse of the Egyptian pound.
The value of dollar highly surged after launching the new system at the end of last December. The value of dollar registered 6.37 (Sell price) at the beginning of launching the new system and hiked to EGP 6.81 (sell price).
The total amounts that CBE offered in previous FX auctions are as follows:
|
Date |
Offer Value |
|
Sunday, December 30th, 2012 |
US$ 75 million |
|
Monday, December 31th, 2012 |
US$ 75 million |
|
Wednesday, January 2nd, 2013 |
US$ 75 million |
|
Thursday, January 3rd, 2013 |
US$ 75 million |
|
Sunday, January 6th, 2013 |
US$ 60 million |
|
Tuesday, January 8th, 2013 |
US$ 60 million |
|
Wednesday, January 9th, 2013 |
US$ 50 million |
|
Thursday, January 10th, 2013 |
US$ 50 million |
|
Sunday, January 13th, 2013 |
US$ 75 million |
|
Tuesday, January 15th, 2013 |
US$ 75 million |
|
Thursday, January 17th, 2013 |
US$ 75 million |
|
Sunday, January 29th, 2013 |
US$ 75 million |
|
Tuesday, January 22nd, 2013 |
US$ 75 million |
|
Sunday, January 27th, 2013 |
US$ 50 million |
|
Tuesday, January 29th, 2013 |
US$ 50 million |
|
Thursday, January 31st, 2013 |
US$ 50 million |
|
Total Value |
US$ 1.07 billion |
