Egyptian pound steady on official, weaker on black market

CAIRO: Egypt's pound held steady at a central bank dollar sale on Wednesday, when the bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar.

The price was unchanged from Monday's sale.

In the unofficial market, the pound was trading at 7.40 to the dollar, weaker than Monday's rate of 7.38 to the dollar, one trader said.

The rate for dollar sales has stayed in a tight range since the beginning of June, after the bank allowed the pound to weaken in May. The central bank offered $40 million on Wednesday.

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.