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, the bank of Egypt sold $106.7 to banks at EGP 8.78 per dollar, official data indicated.
Earlier, the CBE governor Tarek Amer stated that the bank pumped $15.694 billion (EGP 139. 821 billion) through regular and exceptional dollar auctions during November – April 2016.
Egypt’s FX reserves retreated to $17.5 billion by the end of May 2016, compared with $36 billion registered before January 2011.
On last Thursday, the bank’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.
