The Central Bank of Egypt (CBE) launched Tuesday its regular weekly auction to sell US dollars to banks, asserting that it is not intending to launch any exceptional auctions. With a value of $120m, the auction fixed the US dollar exchange rate at EGP 8.78; as a result, banks will sell it at EGP 8.88. According to Tamer Yousef, head of the treasury at a foreign bank operating in the local market, it was highly expected that the CBE will launch a regular auction without any change in its size or the Egyptian pound’s price. Minister of Finance Amr El-Garhy stated on Monday that Egypt may complete that financing package within two weeks. Yousef said also that the CBE’s movements should be “surprising” in order for it not to miss its aim, as other central banks around the world would do in such a context.

Source: Daily News Egypt October 18, 2016 17:37 UTC