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CBE Conducts Three FX Auctions For Another Week
Radwa Published in Amwal Al Ghad on 19 - 01 - 2013

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

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