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Egyptian pound steady at c. bank sale, stronger on black market
August 6, 2014 / 10:57 AM / 3 years ago

Egyptian pound steady at c. bank sale, stronger on black market

CAIRO, Aug 6 (Reuters) - The Egyptian pound remained stable at a central bank dollar sale on Wednesday and strengthened slightly 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 rate for the dollar sales has stayed within a very tight range since the beginning of June, after the bank allowed the pound to weaken in May. It had offered $40 million on Wednesday.

On the black market, the dollar changed hands for 7.385 pounds, one trader said, stronger than the rate of 7.40 on Monday.

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 Toby Chopra

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