March 31, 2014 / 10:02 AM / 4 years ago

Egyptian pound strengthens slightly at dollar sale

CAIRO, March 31 (Reuters) - Egypt’s pound strengthened marginally against the dollar at a central bank dollar sale on Monday after weakening at the previous two sessions.

The central bank sold $38.3 million to banks with a cut-off price of 6.9575 pounds, compared with Thursday’s 6.9576 pounds.

Dollar shortages have been fuelling a thriving black market. A trader on the parallel market said the dollar traded at 7.42 pounds on Thursday.

The pound has been under pressure during three years of political turmoil. Egypt’s foreign currency reserves stood at about $17.3 billion pounds in February, down from $36 billion before the uprising that led to President Hosni Mubarak’s overthrow in 2011.

The central bank introduced dollar currency sales more than a year ago. In January, it held a $1.5 billion exceptional auction, its largest, to restock the market with dollars and curb unofficial currency trading. (Reporting by Shadia Nasralla; Editing by Mark Heinrich)

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