The Central Bank of Egypt (CBE) delayed conducting its FX auction to next Monday after Hisham Ramez assumes the responsibilities of the CBE’s governor position today.
CBE was slated to conduct three FX auctions this week on Sunday, Tuesday and Thursday. However, the bank decided to delay today’s auction to tomorrow. The the number of auctions and the value of dollars that will be offered will be announced tomorrow.
CBE launched the FX auction mechanism at the beginning of this month in order to slow the country’s depletion of foreign reserves.
The value of dollar registered 6.37 (Sell price) at the beginning of launching this new system and hiked to EGP 6.78 (sell price).
This is the first FX auction to be delayed under Hisham Ramez’s rule.
The total amounts that CBE offered in previous FX auctions are as follows:
|
Date |
Offer Value |
|
Sunday, December 30th, 2012 |
US$ 75 million |
|
Monday, December 31th, 2012 |
US$ 75 million |
|
Wednesday, January 2nd, 2013 |
US$ 75 million |
|
Thursday, January 3rd, 2013 |
US$ 75 million |
|
Sunday, January 6th, 2013 |
US$ 60 million |
|
Tuesday, January 8th, 2013 |
US$ 60 million |
|
Wednesday, January 9th, 2013 |
US$ 50 million |
|
Thursday, January 10th, 2013 |
US$ 50 million |
|
Sunday, January 13th, 2013 |
US$ 75 million |
|
Tuesday, January 15th, 2013 |
US$ 75 million |
|
Thursday, January 17th, 2013 |
US$ 75 million |
|
Sunday, January 29th, 2013 |
US$ 75 million |
|
Tuesday, January 22nd, 2013 |
US$ 75 million |
|
Sunday, January 27th, 2013 |
US$ 50 million |
|
Tuesday, January 29th, 2013 |
US$ 50 million |
|
Thursday, January 31st, 2013 |
US$ 50 million |
|
Total Value |
US$ 1.07 billion |
