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Egyptian pound steady on official market, stronger on black market
July 3, 2014 / 12:11 PM / 3 years ago

Egyptian pound steady on official market, stronger on black market

CAIRO, July 3 (Reuters) - The Egyptian pound was steady at a central bank dollar sale but strengthened on the black market on Thursday.

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 allowed the pound to weaken in May. It offered $40 million on Thursday.

On the black market, the dollar changed hands for 7.33 pounds, stronger than Wednesday’s price of 7.38 pounds.

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 Mark Potter)

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