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CBE sells $37.6 mln in FX auction; pound steady

CBE sells $37.6 mln in FX auction; pound steady
The Central Bank of Egypt (CBE) said it sold $37.6 million to banks in a foreign currency auction on Wednesday, at a cut-off price of 7.1401 pounds per dollar, unchanged from Monday's rate.
The rate for dollar sales has stayed in a very tight range since the beginning of June, after the bank allowed the pound to weaken in May. The central bank offered $40 million on Wednesday.
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, according to Reuters.