CAIRO, July 3 The Egyptian pound was
steady at a central bank dollar sale but strengthened on the
black market on Thursday.
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 allowed the pound to weaken in
May. It offered $40 million on Thursday.
On the black market, the dollar changed hands for 7.33
pounds, stronger than Wednesday's price of 7.38 pounds.
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 Mark Potter)