Egyptian pound steady at central bank sale and on black market

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

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

The rate for the dollar sales has stayed within 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 7.40 pounds, one trader said, the same rate as on Thursday.

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.