July 14, 2014 / 11:36 AM / 4 years ago

Egyptian pound stable at central bank sale, weaker on black market

CAIRO, July 14 (Reuters) - The Egyptian pound remained stable at a central bank dollar sale on Monday but weakened on the black market.

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 Thursday.

The bank’s rates have stayed within a very tight range since the beginning of June, after it had allowed the pound to weaken in May. It had offered $40 million on Monday.

On the black market, the dollar changed hands for 7.40 pounds, one market participant said, down from 7.38 pounds on Thursday.

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 Louise Ireland)

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