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CBE sells $37.6m in FX auction; pound steady

CBE sells $37.6m in FX auction; pound steady
The Central Bank of Egypt (CBE) sold $37.6 million in a foreign currency auction on Monday at a cut-off price of 7.1401 pounds per dollar, unchanged from the last sale 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, according to Reuters. In the unofficial market, the pound was trading at 7.47 to the dollar, weaker than Thursday's rate of 7.45 to the dollar, one trader said. Another trader said the pound was trading at 7.475 midday on Monday. The pound has been steadily weakening in the unofficial market for just over a week. 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 $40 million on Monday