The Central Bank of Egypt (CBE) offers US$ 40 million to local banks on Wednesday at its 51st FX auction and the 35th one since the appointment of Hisham Ramez, governor of CBE, last February.
This auction brings the total value of dollars offered at FX auctions under the leadership of Ramez to US$ 1.4 billion offered to meet the needs for hard currency, in addition to US$ 600 million offered at an exceptional auction last week to provide banks with the dollar liquidity needed to import wheat, meat, cooking oil and other basic goods.
The value of dollar surged EGP 0.44 to reach EGP 6.81 since the implementation of FX auction mechanism at the end of 2012, up from EGP 6.37. Then, the value of dollar began to fall against the Egyptian pound concurrently with the appointment of the new governor at the beginning of last February as the value of dollar dropped EGP 0.08 to register EGP 6.73 on the second day since Ramez assumed the responsibilities of the new position. However, it rose again to be close to EGP 6.95.
