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Egyptian pound steady

The Egyptian pound held steady at a central bank dollar sale on Sunday and on the black market. The bank offered $40 million and said it had sold $38.4 million at a cut-off price of 7.1401 pounds to the dollar, a rate unchanged from its last sale on Thursday. The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates.

In the unofficial market, traders said the pound was trading at 7.80/81 to the dollar on Sunday, virtually unchanged from Thursday when traders put it at 7.80.

Copyright Reuters, 2014


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