The Central Bank of Egypt (CBE) said it sold $37.6 million to banks in a foreign currency auction on Thursday at a cut-off price of 7.1401 pounds, unchanged from its last sale on Wednesday. It had offered $40 million.
The dollar was offered for 7.39 pounds on the black market on Thursday, one trader said, slightly stronger than the 7.40 rate a day earlier, according to Reuters.
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.