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 136th FX Auction since application since Hesham Ramez hold the office as the CBE’s Governor last February.
Hence, the CBE has pumped US$ 5.9 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, 2.7 billion through the non-periodic FX Auction , issued last April and May as well as the current September.
The central bank has offered its last FX Auction at the end of the last week worth $ 40 million, in which the banks have covered $38.8 million. The US dollar was sold for EGP 6.87 last Thursday.
The central bank announced that Egypt’s cash foreign exchange reserves hit US$ 17.765 billion, against US$18.590 billion by the end of last August, down US$ 825 million.
