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The Central Bank of Egypt (CBE) offered US$50 million to banks at a foreign currency auction on Wednesday, down from the US$60 million offered at auctions earlier under the new FX auction system which aims at slowing the Country’s depletion of foreign reserves.
CBE offered US$75 million during the first week of the auctions, which were introduced on December 30th . The Egyptian pound has dropped by about 4.6% on the interbank market since then. The reserves reached US$15 billion in December.
