Cairo – Mubasher: The Central Bank of Egypt is expected to offer exceptional foreign exchange auction on Thursday, were it may offer selling around $4 billion.
The CBE would be also expected to announce the country’s foreign exchange reserve balance following this auction, sources told Mubasher.
The CBE is expected to hold a meeting with the heads of the local banks as well as the treasures ‘officials to discuss the latest developments related to the foreign exchange movements against the Egyptian pound.
Earlier, CBE float the pound; setting an initial rate of EGP13/USD (down 46% from the previous official rate of EGP8.88/USD), with a 10% band limit – letting banks determine the rate.
The CBE also raised the overnight deposit, lending and discount rates by 300bps to 14.75%, 15.75% and 15.25%, respectively.
