The Central Bank of Egypt (CBE) offers US$ 50 million to local banks on Sunday at its 14th FX auction, bringing the amount it offer since launching the new system to US$ 945 million. Sources said CBE reduced the amount it offers in FX auctions from US$ 75 million to US$ 50 million because of the lack of dollar liquidity held by banks. CBE decided to conduct three auctions only this week so as to reduce the negative impact of these auctions on the value of Egyptian pound against the dollar which stood at EGP 6.60. The total amounts that CBE has offered in 14 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 Sunday, January 29th, 2013 75 Tuesday, January 22nd, 2013 75 Sunday, January 27th, 2013 50 Total Value 945
