Egyptian pound steady at central bank sale, weaker on black market

CAIRO: The Egyptian pound was steady at a central bank dollar sale on Monday but weakened on the black market.

The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, the same price as its last sale on Thursday.

The bank's rates have stayed within a very tight range since the beginning of June, after the bank allowed the pound to weaken in May. It offered $40 million on Monday.

On the black market, the dollar changed hands for 7.37 pounds, weaker than Thursday's price of 7.33 pounds.

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.