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Egyptian pound steady at c.bank dollar sale, down on black market
An employee counts money at a bank in Cairo September 4, 2014. REUTERS/Asmaa Waguih
CAIRO, Oct 27 (Reuters) - Egypt's pound held steady at a central bank dollar sale on Monday but weakened on the black market.
The bank said it sold $37.6 million, at a cut-off price of 7.1401 pounds per dollar on Monday, 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 pounds to the dollar at midday on Monday, below Thursday's rate of 7.48 to the dollar, one trader said. Another trader put the rate at 7.53 pounds to the dollar.
The rate for dollar sales has traded within a tight range since the beginning of June after the bank allowed the pound to weaken in May. (Reporting by Mahmoud Mourad and Shadi Bushra; Editing by Gareth Jones)
