CAIRO, July 14 The Egyptian pound
remained stable at a central bank dollar sale on Monday but
weakened 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 Thursday.
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 Monday.
On the black market, the dollar changed hands for 7.40
pounds, one market participant said, down from 7.38 pounds on
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 Stephen Kalin; Editing by Louise Ireland)