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Sunday, 24 April 2016

CBE to hold one-off USD auction today?

Will the Central Bank of Egypt flood the market with USD today? With the EGP at an all-time low and heading in the direction of 12 to the greenback, the Central Bank of Egypt will likely hold a one-off special FX auction today, sources told Al Masry Al Youm on Thursday. Some banks have already contacted the CBE expressing their need for foreign currency liquidity. The expectation of a large-sized, unscheduled auction came before news of the pledge of USD 4 bn from the UAE (for more on the Emirati aid and deposit, see Speed Round, below).

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