Egypt's pound stable on official and black markets

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

The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds, leaving it unchanged from its last sale on Monday.

It had offered $40 million. The dollar was offered for 7.40 pounds in the black market on Wednesday. The unofficial rates have been stable since last week.

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.