The Central Bank of Egypt (CBE) offers US$ 40 million to local banks at the first FX auction in this week and the 50th one since implementing the new mechanism, bringing the total value of dollars offered under the leadership of Hisham Ramez since last February to US$ 1.36 billion. It is noteworthy that CBE offered US$ 600 million to banks last week at an exceptional auction so as to provide banks with the dollar liquidity needed to import wheat, meat, cooking oil and other basic goods amid the current dollar shortage crisis, giving the black market heavy blow after the US dollar's price declined from EGP 7.95 to EGP 7.30 against the Egyptian pound; while it was steadied in banks and forex firms at EGP 6.92.
