Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer $120 million in its weekly auction to banks on Tuesday, according to a statement on Saturday.
The CBE kept the price of the dollar at EGP 8.78 in its previous auction, according to official data.
The bank sold $119.1 million in the auction held on 27 September. Periodical dollar auctions have reached 512 auctions since their inception in late 2012.
Research firm Pharos recently said it expects the CBE to devaluate to the EGP once more ahead of the spring meeting with the International Monetary Fund (IMF) slated for 7-9 October 2016.
Egypt's foreign currency reserves plunged from $36 billion before January 2011 to $15.54 billion by the end of July 2016.
