The Central Bank of Egypt (CBE) held pound steady at 7.93 per dollar in a foreign exchange (FX) auction on Sunday, as the bank sold $37.8 million at a cut-off price of 7.9301 EGP/ dollar.
The CBE had allowed the pound to weaken officially in two consecutive depreciations of 0.10 EGP on Oct. 15 and 18.
On Oct. 21 Tarek Amer was named CBE governor last week, after Hisham Ramez resigned a month before his term was set to expire in November.
Ramez received wide criticism over devaluating the pound while the country was running the first phase of the long-awaited parliamentary elections.
On Thursday, the dollar was sold at 8.03 EGP at banks, and 8.08 EGP at exchange bureaus; the CBE gives permission to trade dollars up to 0.10 EGP and 0.15 EGP above or below the official rate at banks and exchange bureaus, respectively.
