Egypt’s Central Bank Offers US$ 40 Mln At Monday’s FX Auction

The Central Bank of Egypt (CBE) has offered US$ 40 million to local banks at its first forex auction this week.

This is the 59^th FX auction and the 43^rd one since the appointment of Hisham Ramez as governor of CBE last February.

The US dollar crossed the borders of 7 Egyptian pounds at the end of last week. It has broken a new record in the Egyptian market, hitting EGP 6.9759 for buying and EGP 7.006 for selling.

The dollar’s price has largely surged against the Egyptian pound concurrently with the implementation of FX auction mechanism as the dollar’s price was EGP 6.37 and then reached EGP 7.006.