Cairo – Mubasher: The Central Bank of Egypt (CBE) said it will hold its weekly dollar auction for $120 million on Tuesday.
The auction will be carried out on behalf of the Ministry of Finance (MoF), the bank said on its official website on Saturday.
The bank sold $116 million on Tuesday, 26 July.
The CBE kept the EGP-US dollar price at EGP 8.78 per dollar during last week's tender. Many experts expected the CBE to devalue the Egyptian pound against the dollar.
Previously, CBE governor Tarek Amer stated that the bank pumped $15.69 billion (EGP 139.821 billion) through regular and exceptional dollar auctions between November 2015 and April 2016.
Egypt’s foreign currency reserves retreated to $17.5 billion by the end of May 2016, compared with $36 billion registered before January 2011.
