Egypt's pound climbs at central bank currency sale

CAIRO: Egypt's pound strengthened at a central bank foreign currency sale on Wednesday, but inched lower on the black market.

The central bank sold $38.9 million with a cut-off price of 6.8831 Egyptian pounds per dollar versus 6.8836 pounds at its last sale on Monday, the bank said. It had offered $40 million.

On the black market, the pound weakened slightly as dealers were offering to buy dollars for 7.13 pounds and sell them for 7.15 pounds, one trader said.

The central bank introduced currency sales, held three times a week, at the end of December to help to counter a run on the pound. It has been allowing the currency to appreciate for the last 10 weeks.