The Central Bank of Egypt (CBE) offers US$75 million to local banks at its 3rd foreign currency auction this week, with a maximum of US$11 million for each bank. This is the 11th FX auction that CBE has launched, in order to slow the country's depletion of foreign reserves. The total amount that CBE has offered since launching the new system in December 30th 2012 reached US$ 745 million. 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 total amounts that CBE has offered in 11 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 Thursday, January 17th, 2013 75 Total Value 745