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CBE sells $37.6 mln in FX auction; pound stable

CBE sells $37.6 mln in FX auction; pound stable
The Central Bank of Egypt (CBE) has sold $37.6 million to banks in a foreign currency auction on Wednesday at a cut-off price of 7.1402 pounds, unchanged from its last sale on Monday. It had offered $40 million.
The pound had strengthened in the black market after the election victory last month of former army chief Abdel Fattah El-Sisi, who was sworn in as president on Sunday.
The rates at which banks are allowed to trade dollars are determined by the results of the central bank sales, giving the bank effective control over official exchange rates.