Cairo – Mubasher: The Central Bank of Egypt (CBE) on Saturday said it will hold its regular dollar auction for $120 million on Tuesday in coordination with the Ministry of Finance (MoF), according to the bank’s official website.
CBE governor Tarek Amer said previously that the bank has pumped around $15.69 billion (EGP 139.82 billion) in banks over the five-month period starting November 2015 and ending April 2016 through regular and exceptional dollar auctions.
On 16 June, the CBE's Monetary Policy Committee raised its basic interest rates by 1% to 11.75% for deposit rate, to 12.75% for lending, and to 12.25% for the transaction, credit, and debit rate.
Egypt’s FX reserves dropped to $17.5 billion by the end of May 2016, from $36 billion registered before January 2011.
