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CBE sells $37.6m in FX auction; pound steady

CBE sells $37.6m in FX auction; pound steady
The Central Bank of Egypt (CBE) said it sold $37.6 million in a foreign currency auction, at a cut-off price of 7.1401 pounds per dollar on Wednesday, unchanged from the previous sale on Monday.
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. The bank offered $40 million on Wednesday.
In the unofficial market, one trader said the pound was trading at 7.49 pounds to the dollar at midday on Wednesday, stronger than Monday's rate of 7.50/53, according to Reuters.
The rate for dollar sales has kept within a tight range since the beginning of June after the bank allowed the pound to weaken in May.