August 13, 2014 / 10:37 AM / in 3 years

Egyptian pound steady on official market, fractionally weaker on black market

CAIRO, Aug 13 (Reuters) - The Egyptian pound remained stable at a central bank dollar sale on Wednesday but weakened, fractionally, on the black market.

The central bank said it sold $38.8 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 7.40 pounds, one trader said, slightly weaker than Monday’s rate of 7.39.

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 Jeremy Gaunt)

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