Egypt pound stable on official market, slightly stronger on black market

CAIRO: The Egyptian pound was steady at a central bank dollar sale on Thursday and slightly stronger on the black market.

The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds, unchanged from its last sale on Wednesday. It had offered $40 million.

The dollar was offered for 7.39 pounds on the black market on Thursday, one trader said, slightly stronger than the 7.40 rate a day earlier.

The rates at which banks are allowed to trade dollars are determined by the results of the central bank sales, giving the bank effective control over official exchange rates.