Egypt pound unchanged on official market, weaker on black market

Reuters, Monday 30 Jun 2014

The Egyptian pound was unchanged at a central bank dollar sale on Monday and weakened on the black market.

The central bank said it sold $39.6 million at a cut-off price of 7.1401 pounds, the same as its last sale on Thursday. It had offered $40 million.

The dollar was offered for 7.40 pounds on the black market on Monday, one trader said, slightly weaker than the 7.38 rate a day earlier.

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.

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