The Central Bank of Egypt (CBE) delayed conducting its FX auction to next Monday after Hisham Ramez assumes the responsibilities of the CBE's governor position today. CBE was slated to conduct three FX auctions this week on Sunday, Tuesday and Thursday. However, the bank decided to delay today's auction to tomorrow. The the number of auctions and the value of dollars that will be offered will be announced tomorrow. CBE launched the FX auction mechanism at the beginning of this month in order to slow the country's depletion of foreign reserves. The value of dollar registered 6.37 (Sell price) at the beginning of launching this new system and hiked to EGP 6.78 (sell price). This is the first FX auction to be delayed under Hisham Ramez's rule. The total amounts that CBE offered in previous FX auctions are as follows:
Date Offer Value Sunday, December 30th, 2012 US$ 75 million Monday, December 31th, 2012 US$ 75 million Wednesday, January 2nd, 2013 US$ 75 million Thursday, January 3rd, 2013 US$ 75 million Sunday, January 6th, 2013 US$ 60 million Tuesday, January 8th, 2013 US$ 60 million Wednesday, January 9th, 2013 US$ 50 million Thursday, January 10th, 2013 US$ 50 million Sunday, January 13th, 2013 US$ 75 million Tuesday, January 15th, 2013 US$ 75 million Thursday, January 17th, 2013 US$ 75 million Sunday, January 29th, 2013 US$ 75 million Tuesday, January 22nd, 2013 US$ 75 million Sunday, January 27th, 2013 US$ 50 million Tuesday, January 29th, 2013 US$ 50 million Thursday, January 31st, 2013 US$ 50 million Total Value US$ 1.07 billion
