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Egyptian pound stable on official and black market
A man walks past a currency exchange office in Cairo - Reuters/Mohamed AbdelGhany
CAIRO, July 2 (Reuters) - The Egyptian pound remained stable at a central bank dollar sale and on the black market on Wednesday.
The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, the same as its last sale on Monday.
The bank's rates have stayed within a very tight range since the beginning of June, after it had allowed the pound to weaken in May. It had offered $40 million on Wednesday.
On the black market, the dollar changed hands for 7.38 pounds, in line with Tuesday's prices, but slightly stronger than Monday's rate of 7.40.
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. (Reporting by Shadia Nasralla)
