Egypt pound unchanged at sale, slightly weaker on black market

Reuters, Wednesday 9 Jul 2014

The Egyptian pound was steady at a central bank dollar sale on Wednesday but weakened on the black market.

The central bank said it sold $37.6 million at a cut-off price of LE7.1401 per dollar, unchanged from its last sale on Monday.

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

On the black market, the dollar changed hands for LE7.37, fractionally weaker than Tuesday's price of LE7.36.

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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