The Central Bank of Egypt (CBE) offers US$75 million to local banks at its 10th foreign currency auction on Tuesday, bringing the total amount it has offered since it launched the new FX auction system to US$ 670 million. The new system aims at slowing the country's depletion of foreign reserves. CBE decided to reduce the number of FX auctions to three auctions this week, instead of daily auctions so as to curb the negative 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 amounts of that CBE offered in ten 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 Tuesday, January 15th, 2013 75 Total Value 670 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 amounts of that CBE offered in ten FX auctions are as follows:
