CBE Offers Its First FX Auctions With $40 Mln This Week

The Central Bank of Egypt has offered US $ 40 million auction to the local banks today at its 80 foreign exchange auction by the end of the last year and 63 FX Auctions since Hisham Ramez hold the office of the CBE’s Governor last February.

CBE has pumped $ 2.52 billion through periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised two exceptional FX Auction totaled at US $ 1.4 billion divided into two FX Auctions, one on 15th April worth US $600 million and another on 22nd May at value of US $ 800 million.

The Banks  have covered $ 38.8 million of CBE’s auction in the last week with EGP 6.99, US dollar declined with EGP 7.0329.