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CBE sells $37.4 mln in FX auction; pound stable

CBE sells $37.4 mln in FX auction; pound stable
The Central Bank of Egypt (CBE) said it sold $37.4 million in a foreign currency auction on Monday at a cut-off price of 7.1401 pounds per dollar, the same as its last sale on Thursday. It had offered $40 million on Monday.
The bank's rates have stayed within a very tight range since the beginning of June, after it had allowed the pound to weaken in May.
On the black market, the dollar changed hands for 7.40 pounds, one market participant said, down from 7.38 pounds on Thursday, 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.