CAIRO, July 17 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
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)