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Egypt's Central Bank Sells $1.5 Billion Forex to Boost Market  Join our daily free Newsletter

MENAFN - Qatar News Agency - 28/01/2014
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(MENAFN - #Qatar News Agency) The Central Bank of #Egypt (CBE) held a fourth exceptional auction to sell 1.5 Billion of its foreign reserves to boost the banking sector.



In a statement the central bank said that banks would be required to designate the amount of US dollars needed as per their clients' import need



According to the statement, such imports should fall under the categories of basic food commodities, intermediary production components, raw materials, capital goods, spare parts and pharmaceutical component



Experts view the move seeks to limit the authority of exchange companie



The CBE recently closed 19 exchange companes so there is a need of another resource for institutions and companies to access fund




This exceptional auction will help in depreciating the value of US dollar against the Egyptian poun



Last September, CBE sold 1.3 Billion in a similar exceptional auction, as well as 600 Million in an April auction and 800 Million in Ma



Since December 2012, the central bank has been restricting access to US dollars by hosting dollar auctions up to three times a wee



The move is an attempt to ration the supply of dollars and give priority to staple food imports due to the state's dwindling foreign reserves, according to financial experts

 
 


Qatar News Agency




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