An employee of a money changer counts U.S. dollar notes for a customer at a bank in Cairo, December 31, 2013 (Photo: Reuters)
Egypt's pound held steady at a central bank dollar sale on Monday, with the bank saying it sold $37.4 million (about LE262 million) at a cut-off price of LE7.1401 pounds per dollar, unchanged from Monday's rate.
In the unofficial market, the pound was trading at 7.35 to the dollar, slightly weaker than Monday's 7.30, one trader said.
The rate for dollar sales has stayed in a tight range since the beginning of June as the bank allowed the pound to weaken in May. The central bank offered $40 million in an auction 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.
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