CAIRO: Egypt's pound strengthened marginally on Monday on both the official and black markets.
Black market dealers were offering to buy dollars for about 7.14 Egyptian pounds and sell them for 7.16 pounds, compared with rates of 7.14 and 7.18 pounds on Thursday, one currency trader said.
The central bank meanwhile sold $38.0 million at a currency sale on Monday with a cut-off price of 6.9752 Egyptian pounds per dollar versus 6.9757 pounds at its sale on Thursday, the bank said. The bank had offered $40 million.
The pound weakened on the black market early this year as far as 8.05 per dollar after foreign reserves were drained by a plunge in foreign investment and tourism since the country's popular uprising in early 2011.
The black market has shrunk since the army deposed President Mohamed Mursi on July 3. The subsequent arrival of $5 billion of aid from Gulf Arab states has given the central bank more ammunition to support the official price.
The central bank introduced currency sales, held three times a week, at the end of December to help to thwart a run on the pound.
Since Mursi was ousted, the central bank has allowed its official cut-off price to appreciate gradually from a low of 7.0184 on July 3.
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