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The Central Bank of Egypt (CBE) offered US$50 million to local banks at foreign currency auction on Thursday, bringing the total amount it has offered since it launched the new FX auction system to US$ 520 million. The new system aims at slowing the country’s depletion of foreign reserves.
The bank offered US$75 million during the first week of the auctions, which were introduced on December 30th. CBE began reducing the amount it offers at such auctions this week.
The Egyptian pound has dropped by about 5% on the interbank market to 6.51 to the U.S. dollar in the last two weeks. The foreign reserves fell US$ 21 million to reach US$ 15.014 billion at the end of last December, compared to US$ 15.035billion at the end of last November.
