The Central Bank of Egypt (CBE) has offered its final foreign exchange auction for this week totaled US$ 40 million for local banks. The central bank is offering on Monday its 96th FX Auction since application and the 79th since Hisham Ramez hold the office as the CBE's Governor last February. CBE has pumped US$ 3.840 billion through its periodic FX Auctions on Mondays, Wednesdays and Thursdays, in addition, CBE had also raised non-periodic FX Auction totaled at US$ 1.6 billion during the last April and May FX Auctions. The bank has offered its last $ FX Auction on Monday worth $ 40 million, the banks covered $ 39.8 million, dollar price reached EGP 6.98 in this FX Auction offer. Dollar VS Pound Meanwhile, the exchange rate of the US dollar against the Egyptian pound in the official market has reached EGP 6.98 for buying and EGP 7.017 for selling, whereas in the black market. The Gulf aid packages worth US$ 12 billion to support Egypt pledged by the United Arab Emirates, Saudi Arabia and Kuwait are expected to boost the national currency within the upcoming period in both official and black markets. Despite $ dollar declined since last July, the ongoing political and security turmoil contributed in raising dollar price within the coming period along with many economic activities will be halted.
