The Central Bank of Egypt (CBE) has sold $40 million in a foreign currency auction at a cut-off price of 7.1401 pounds per dollar on Wednesday, unchanged from the last sale on Monday
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.
In the unofficial market, the pound was trading at 7.43 to the dollar, stronger than Monday's rate of 7.47 to the dollar, one trader said. The pound had been steadily weakening in the unofficial market for just over a week, 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 $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.
In the unofficial market, the pound was trading at 7.43 to the dollar, stronger than Monday's rate of 7.47 to the dollar, one trader said. The pound had been steadily weakening in the unofficial market for just over a week, 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 $40 million on Wednesday.
Source:
Mubasher
