CAIRO Feb 20 The Egyptian pound was up
slightly at a central bank foreign currency sale on Thursday and
traded within its recent range on the black market.
The central bank sold $39.6 million to banks with a cut-off
price of 6.9511 pounds to the dollar, fractionally stronger than
the cut-off price of 6.9512 from Wednesday's auction. The bank
had offered to sell $40 million.
On the black market, the dollar was traded for 7.30/33
pounds on Thursday, within a range between 7.30 and 7.35 over
the past week. The dollar was trading at 7.33/7.35 pounds on
The pound has been under pressure during three years of
political turmoil. Foreign currency reserves were around $17
billion in January, down from $36 billion before the uprising
that led to president Hosni Mubarak's downfall in 2011.
The central bank introduced dollar currency sales over a
year ago. Last month, it held a $1.5 billion exceptional
auction, its largest ever, to restock the market with dollars
and curb unofficial currency trading.
(Reporting by Maggie Fick; Editing by Alison Williams)