Egyptian pound steady at official auction, weakens on black market

Egypt's pound held steady at a central bank dollar sale on Monday but weakened on the unofficial market.

The bank offered $40 million on Monday and said it had sold $39.2 million at a cut-off price of 7.1401 pounds per dollar, unchanged from its last 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.

In the unofficial market, the pound was trading at 7.64 to the dollar, weaker than Thursday's rate of 7.60 to the dollar, one trader said.

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