The Central Bank of Egypt (CBE) offers US$ 40 million to local banks on Thursday so as to address the dollar shortage at the banking sector at its 22nd FX auction and the sixth one since the appointment of Hisham Ramez, governor of CBE, sources said. After assuming the responsibilities of his new position, Ramez started offering US$ 75 million at an auction, then US$ 50 million at two auctions and US$ 40 million at the latest three auctions, bringing the amount that CBE offered since the appointment of Ramez to US$ 295 million. The values that CBE offered in FX auctions under the leadership of Hisham Ramez are as follows:
Date Offer Value Monday, February 4th, 2013 US$ 75 million Wednesday, February 6th, 2013 US$ 50 million Thursday, February 7th, 2013 US$ 50 million Monday, February 11th, 2013 US$ 40 million Wednesday, February 13th, 2013 US$ 40 million Thursday, February 14th, 2013 US$ 40 million Total Value US$ 295 million
