Markets

Egypt's pound reaches weakest official level since auctions began

Published January 18, 2015 Updated January 18, 2015 01:07pm

CAIRO: Egypt's pound weakened to 7.19 pounds per dollar from 7.14 at a central bank auction on Sunday, the weakest level the pound has been allowed to reach since auctions began in December 2012 and the first official depreciation since last July.

The bank offered 40 million dollars and sold 38.5 million at a cutoff price of 7.19 pounds per dollar, the central bank said.

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, though there remains an active black market in the pound.

Copyright Reuters, 2015