Egyptian pound steady on official, weaker on black market

Egypt's pound held steady at a central bank dollar sale on Thursday but weakened on the black market. The bank said it sold $40 million, the full amount on offer, at a cut-off price of 7.1401 pounds per dollar on Thursday, unchanged from the last sale 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. In the unofficial market, the pound was trading at 7.48 to the dollar at midday on Thursday, weaker than Wednesday's rate of 7.43 to the dollar, one trader said. 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.