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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 dollar auction on Monday, at a cut-off price of 7.1401 pounds per dollar, unchanged from last week's rate.
In the unofficial market, the pound was steady, trading at 7.38 to the dollar, traders said.
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 Monday, according to Reuters.
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.