Egyptian pound stable at central bank sale and black market

CAIRO, July 17 Thu Jul 17, 2014 6:30am EDT

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CAIRO, July 17 (Reuters) - The Egyptian pound remained stable at a central bank dollar sale on Thursday and on the black market.

The central bank said it sold $37.4 million at a cut-off price of 7.1401 pounds per dollar, the same as its last sale on Wednesday.

The bank's rates have stayed within a very tight range since the beginning of June, after it had allowed the pound to weaken in May. It had offered $40 million on Thursday.

On the black market, the dollar changed hands for 7.43 pounds, one market participant said, the same rate as the day before.

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. (Reporting by Asma Alsharif; Editing by Ruth Pitchford)

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