Egyptian pound steady at central bank sale, weaker on black market

Thursday 30-10-2014 11:08 PM
Egyptian pound steady at central bank sale, weaker on black market
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CAIRO, Oct 30 (Reuters) - Egypt's pound held steady at a central bank dollar sale on Thursday but weakened slightly 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 Wednesday.

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 Thursday.

In the unofficial market, the pound was trading at 7.50 to the dollar at midday on Thursday, one trader said, slightly weaker than Wednesday's rate of 7.49.

The rate for dollar sales has kept within a tight range since the beginning of June after the bank allowed the pound to weaken in May. (Reporting by Stephen Kalin; Editing by Toby Chopra)

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