The Central Bank of Egypt (CBE) said it sold $37.6 million in a foreign currency auction on Monday at a cut-off price of 7.1401 pounds per dollar, unchanged from its last sale on Thursday. It had offered $40 million on Monday.
On the black market, the dollar changed hands for 7.40 pounds, one trader said, the same rate as the day before, but slighter stronger than last week's rate of 7.43, 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.
On the black market, the dollar changed hands for 7.40 pounds, one trader said, the same rate as the day before, but slighter stronger than last week's rate of 7.43, 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.
Source:
Mubasher
