CAIRO, Aug 18 (Aswat Masriya) - The Egyptian pound remained unchanged at 7.73 to the dollar, in a central bank auction on Tuesday, while the pound was cheaper in banks.

The central bank offered $40 million and accepted bids for $37.1 million at a "cut-off price of 7.7301," it said in an announcement on its website.  

The Egyptian central bank holds three weekly foreign exchange auctions, on Sunday, Tuesday and Thursday, during which the price of the pound against the dollar is determined.  

Meanwhile in banks, dollar-purchase cost 7.78 and the dollar was selling for 7.83 Egyptian pounds

Egypt's central bank allows banks to trade the dollar at 10 piasters higher or lower than the auction price, while exchange shops can add another 5 piasters to the official price. 

Last month, the bank depreciated the Egyptian pound twice, allowing it to dip by 20 piasters, falling from 7.53 to its current price. Central Bank Governor Hisham Ramez said last month that the depreciation was not "concerning".

At the time, two investment bank analysts said the depreciation was an expected measure, given that the pound trades at a higher price than its fair value at a time when Egypt is trying to attract dollar inflows.