Egyptian pound steady on official and black markets

CAIRO: The Egyptian pound remained stable at a central bank dollar sale and on the black market on Monday.

The central bank said it sold $39.6 million at a cut-off price of 7.1401 pounds per dollar.

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

On the black market, the dollar changed hands for 7.39 pounds, one market participant said, almost unchanged from Thursday's rate of 7.40 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.