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Thursday, 16 June 2016

Tuesday’s FX auction was directed to intermediate goods, raw materials

Speaking of FX: Tuesday’s FX auction witnessed the sale of USD 120 mn directed toward clearing the import backlog of raw materials and intermediate goods, Al Mal reported, contradicting reports yesterday that only USD 106.7 mn were sold. Al Mal says confusion arose because banks were late notifying the CBE with their relevant backlog lists, which caused the three-hour delay of the auction and fuelled speculation of a change in the exchange rate. The exchange rate was kept unchanged at EGP 8.78 per USD 1.

The EGP weakened in the parallel market to EGP 10.99 to the USD 1, after a week of remaining stable at EGP 10.95, Al Mal reports. Over in Al Ahram land, the EGP strengthened as greenbacks were trading for EGP 10.75 with “a very low trading volume.”

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