The Central Bank of Egypt (CBE) said it sold $39.6 million in a foreign currency auction Monday at a cut-off price of 7.1401 pounds, the same as its last sale on Thursday. It had offered $40 million.
The dollar was offered for 7.40 pounds on the black market on Monday, one trader said, slightly weaker than the 7.38 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.