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

The Central Bank of Egypt (CBE) offers US$ 40 million to local banks on Wednesday at its 61^st FX auction and the 45^th one since the appointment of Hisham Ramez as governor of CBE last February.

The dollar’s price did not change since the beginning of the last week as it steadied at EGP 6.9819 for buying and EGP 7.012 for selling. The central bank offered US$ 800 million at its second exceptional FX auction last Wednesday and cancelled its regular FX auctions on the same day and on Thursday. Despite conducting its regular FX auction last Monday, the dollar’s price is still stable in the first time since the implementation of the FX auction mechanism.