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Egypt pound steady in official market, gains on black market

The bank offered $40 million at the sale and said it had sold $38.7 million at a cut-off price of 7.1401 pounds to the dollar

Published: Updated:

The Egyptian pound held steady at a central bank dollar sale on Sunday and made gains on the black market.

The bank offered $40 million at the sale and said it had sold $38.7 million at a cut-off price of 7.1401 pounds to the dollar, a rate unchanged from its last sale.

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.

In the unofficial market, a trader said the pound was trading at 7.77 to the dollar on Sunday, stronger than last week when traders put it at 7.81.