April 10, 2014 / 10:42 AM / in 4 years

Egypt pound slightly up at central bank dollar sale, on black market

CAIRO, April 10 (Reuters) - The Egyptian pound strengthened marginally at a central bank dollar sale and on the black market on Thursday after hitting a six-month low a day earlier.

The central bank said it sold dollars at a cut-off price of 6.9651 pounds, leaving the pound slightly stronger than Wednesday’s rate of 6.9652 pounds.

The rates banks are allowed to trade dollars at is determined by set ranges around the results of the regular central bank dollar sales, giving the central bank effective control over rates in the official market.

Banks sold the dollar for as much as 6.9751 pounds on Thursday, the same rate as on Wednesday when it hit its weakest rate since September.

The dollar on the black market traded at 7.43/46 on Thursday after being sold in a range between 7.47 and 7.49 pounds on Wednesday, according to market participants.

The central bank sold $39.6 million on Thursday, it said. It had offered $40 million.

Egypt’s foreign currency reserves reached $17.414 billion in March. This compares with $17.307 billion in February and $36 billion before the uprising that led to the ouster President Hosni Mubarak in 2011.

Egypt’s annual urban consumer inflation rate stood at 9.8 percent in March, unchanged from February, the country’s official statistics agency CAPMAS said on Thursday. Egypt’s M2 money supply rose 17.02 percent in the year to the end of February, the central bank said last month. (Reporting by Shadia Nasralla; Editing by Toby Chopra)

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