The Central Bank of Egypt (CBE) kept the dollar price unchanged against the pound at EGP 8.78 during Tuesday’s auction. The dollar’s price was also stable in the informal market, ranging between EGP 10.8 and EGP 10.95.
Through its weekly auction, the CBE sells dollars to banks working in the local market. On Tuesday, banks were auctioned$118.7m, and sold to their clients at a rate ofEGP 8.88 to the dollar.
According to an official in the treasury sector of a government bank, the CBE has not obliged banks to direct the value of the dollars they obtained through this auction towards financing the import of specific goods as was the case in previous weeks, when auctions covered the import of food commodities.
In the informal market, traders noted stability in the dollar price since the beginning of last week until Tuesday when trading was halted in the market because of the Easter holidays and Labour Day.
Banks, as well as exchange companies, were closed from Friday to Monday, which lead to a state of calm in the informal market trading.