CAIRO, July 9 The Egyptian pound was
steady at a central bank dollar sale on Wednesday but weakened
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 Monday.
The bank's rates have stayed within a very tight range since
the beginning of June, after the bank allowed the pound to
weaken in May. It offered $40 million on Wednesday.
On the black market, the dollar changed hands for 7.37
pounds, fractionally weaker than Tuesday's price of 7.36 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 Shadia Nasralla; Editing by Louise Heavens)