The Central Bank of Egypt (CBE) decided to reduce the number of FX auctions to three auctions this week as it offered US$ 75 million to local banks last Sunday and will conduct two other FX auctions next Tuesday and Thursday. A number of managers of the treasury sector stated that CBE took such decision in order to curb the impact of these auctions on the Egyptian pound against US dollar. The exchange rate of the U.S. dollar rose EGP 0.08 against the Egyptian pound to EGP 6.65 (sell price) and EGP 6.60 (buy price). The total amount that CBE has offered since it launched the new FX auction system rose to US$ 595 million. The total amounts that CBE offered in nine FX auctions are as follows: Date Value In Million US Dollar Sunday, December 30th, 2012 75 Monday, December 31th, 2012 75 Wednesday, January 2nd, 2013 75 Thursday, January 3rd, 2013 75 Sunday, January 6th, 2013 60 Tuesday, January 8th, 2013 60 Wednesday, January 9th, 2013 50 Thursday, January 10th, 2013 50 Sunday, January 13th, 2013 75 Total Value 595
