The Central Bank of Egypt (CBE) offers US$75 million to local banks at its 10th foreign currency auction on Tuesday, bringing the total amount it has offered since it launched the new FX auction system to US$ 670 million. The new system aims at slowing the country’s depletion of foreign reserves.
CBE decided to reduce the number of FX auctions to three auctions this week, instead of daily auctions so as to curb the negative impact of these auctions on the Egyptian pound against US dollar.
The exchange rate of the U.S. dollar rose EGP 0.08 against the Egyptian pound to EGP 6.65 (sell price) and EGP 6.60 (buy price).
The total amounts that CBE has offered in ten FX auctions are as follows:
|
Date |
Value In Million US Dollar |
|
Sunday, December 30th, 2012 |
75 |
|
Monday, December 31th, 2012 |
75 |
|
Wednesday, January 2nd, 2013 |
75 |
|
Thursday, January 3rd, 2013 |
75 |
|
Sunday, January 6th, 2013 |
60 |
|
Tuesday, January 8th, 2013 |
60 |
|
Wednesday, January 9th, 2013 |
50 |
|
Thursday, January 10th, 2013 |
50 |
|
Sunday, January 13th, 2013 |
75 |
|
Tuesday, January 15th, 2013 |
75 |
|
Total Value |
670 |
