CBE Offers US$ 40 Mln To Local Banks On Thursday

The Central Bank of Egypt (CBE) offers on Thursday US$ 40 million to local banks at its 43^rd FX auction and the 27^th one since the appointment of Hisham Ramez as governor of CBE since last February.

This raises the value of dollars offered by CBE under the leadership of Ramez to about US$ 2.2 billion. Ramez reduced the value of dollars offered at FX auctions as CBE was offering US$ 75 million, then US$ 50 million at two auctions and US$ 40 million at the latest auctions so as to ration the disbursement of foreign currency.

The foreign currency market in unstable as the value of dollar rose to EGP 8 in the black market amid dollar shortage.