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3 years ago
Egyptian pound weakens to new low of 7.53 pounds per dollar
February 2, 2015 / 10:27 AM / 3 years ago

Egyptian pound weakens to new low of 7.53 pounds per dollar

CAIRO, Feb 2 (Reuters) - Egypt's pound weakened to 7.53 per dollar, from 7.51 at the last sale, at a central bank auction on Monday, the weakest level it has been allowed to reach since auctions began in December 2012.

The bank offered 40 million dollars and sold 38.4 million at a cut-off price of 7.5301 pounds per dollar, the central bank said.

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, though there remains an active black market in the pound. (Reporting by Shadi Bushra; Editing by Robin Pomeroy)

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