Egyptian pound steady on official, black market
CAIRO – ArabTelegraph – Egypt’s pound held steady on Monday both at a central bank dollar sale and on the black market.
The bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from the previous 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. The bank offered $40 million on Monday.
In the unofficial market, the pound was trading at 7.50 to the dollar at midday, one trader said, also unchanged from Thursday.
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