The Central Bank of Egypt (CBE) offers US$ 40 million to local banks on Thursday, with a maximum of US$ 6 million to each bank at its 28th FX auction and the 12th one since the appointment of Hisham Ramez, governor of CBE, sources said. The maximum value of dollars offered at FX auctions was US$ 75 million, while the market requires US$ 110 million on a daily basis as stated by Mahmoud Fayez, former manager of the Federation of Egyptian Banks (FEB). Sources expected CBE to continuously reduce the value of dollars offered at FX auctions as it was offering US$ 75 million, then US$ 50 million at two auctions and US$ 40 million at the latest auctions, bringing the amount that CBE offered since the appointment of Ramez to US$ 535 million. Sources attributed this decision to the current deteriorated economic situation as the country's foreign reserves fell to US$ 13 billion. Ramez said in an interview on CBC channel that CBE reduced the value of dollars offered at auctions so as to meet the country's requirements of main commodities imports. 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 Monday, February 18th, 2013 US$ 40 million Wednesday, February 20th, 2013 US$ 40 million Thursday, February 21st, 2013 US$ 40 million Monday, February 25th, 2013 US$ 40 million Wednesday, February 27th, 2013 US$ 40 million Thursday, February 28th, 2013 US$ 40 million Total Value US$ 535 million
