Cairo – Mubasher: The Central Bank of Egypt (CBE) said it would hold a regular dollar auction for $120 million next Tuesday, according to the bank’s website.
Over the last auction held on Tuesday 28 June, the bank sold $117.1 million to banks, official data indicated. Tuesday 5 June was the first day of Eid Al Fitr vacation in Egypt.
Earlier, the CBE governor Tarek Amer stated that the bank pumped $15.69 billion (EGP 139.821 billion) through regular and exceptional dollar auctions during November – April 2015/2016.
In March, the CBE reduced the Egyptian pound's price by 14.5% for the U.S dollar to reach EGP 8.95 officially in the banks.
Egypt’s foreign currency reserves retreated to $17.5 billion by the end of May 2016, compared with $36 billion registered before January 2011.
On Thursday 16 June, the bank’s Monetary Policy Committee raised its basic interest rates by 11.75% for deposit rate.
