The Central Bank of Egypt (CBE) plans to conduct three FX auctions this week for the second consecutive time; instead of daily auctions. Sources said the value of the offered foreign currency will be determined before each auction, but it is expected to reach US$ 75 million. Sources affirmed that FX auctions will contribute in the long term to curbing the hike in the value of the dollar against the Egyptian pound, and eliminating dollarization after its selling price reaches EGP 6.70. It is worth noting that CBE reduced the number of FX auctions from 5 days a week to 3 days a week last week and in each auction it offered US$ 75 million to local banks. The total amounts that CBE 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
