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CBE sells $38.6mln in FX auction; pound stable

CBE sells $38.6mln in FX auction; pound stable

The Central Bank of Egypt (CBE) said it sold $38.6 million in a foreign currency auction on Thursday, at a cut-off price of 7.1401 pounds per dollar, unchanged from Wednesday's rate.

In the unofficial market, the pound was trading at 7.35 to the dollar, also unchanged from Wednesday, according to Reuters.

The rate for dollar sales has stayed in a tight range since the beginning of June, after the bank allowed the pound to weaken in May. The central bank offered $38.6 million on Thursday.

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.