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Egypt’s pound weakens to new low of 7.43 per dollar

The bank offered $40 million and sold 38.4 million at a cut-off price of 7.4301 pounds per dollar

Published: Updated:

Egypt’s pound weakened to 7.43 per dollar, from 7.39 at the last sale, at a Central Bank auction on Monday, the weakest level it has been allowed to reach since auctions began in December 2012 and the sixth consecutive official depreciation.

The bank offered $40 million and sold 38.4 million at a cut-off price of 7.4301 pounds per dollar, the central bank said.

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, though there remains an active black market in the pound.