Egyptian pound steady on official, slightly weaker on black market

CAIRO: The Egyptian pound held steady at a central bank dollar sale on Monday and weakened slightly on the black market.

The bank offered $40 million and said it had sold $38.2 million at a cut-off price of 7.1401 pounds to the dollar, unchanged from its last sale on Sunday.

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

In the unofficial market, the pound was trading at 7.81 to the dollar, a trader said, down slightly from Sunday's rate of 7.80 pounds.