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Egyptian pound steady on official market, weaker on black market

Reuters , Sunday 21 Dec 2014
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The Egyptian pound held steady at a central bank dollar sale on Sunday but weakened on the unofficial market.

The bank offered $40 million and said it had sold $37.8 million at a cut-off price of 7.1401 pounds to the dollar, unchanged from its last sale on Thursday.

The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates.

In the unofficial market, the pound was trading at 7.80 to the dollar, one trader said, weaker than Thursday's rate of 7.78 pounds.

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