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Egyptian pound steady against the dollar at central bank sale
People walk in front of Central Bank of Egypt Headquarters in Cairo December 30, 2012. REUTERS/Amr Abdallah Dalsh
CAIRO, Aug 27 (Reuters) - Egypt's pound held steady at a central bank dollar sale on Wednesday, with the bank saying it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from Monday's rate.
The rate for dollar sales has stayed in a very tight range since the beginning of June, after the bank allowed the pound to weaken in May. The central bank offered $40 million 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. (Reporting by Asma Alsharif; Editing by Angus MacSwan)
