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Egypt's pound strengthens slightly at central bank currency sale
October 23, 2013 / 11:38 AM / 4 years ago

Egypt's pound strengthens slightly at central bank currency sale

CAIRO, Oct 23 (Reuters) - Egypt’s pound strengthened marginally at a central bank foreign currency sale on Wednesday, the bank selling $38.8 million at a cut-off price of 6.8798 pounds compared to 6.8800 at its last sale on Oct. 21.

It had offered up to $40 million.

On the black market, a dealer told Reuters he was offering to buy dollars for 7.09 pounds and selling them for 7.12 pounds, down from Tuesday’s rate of 7.08 and 7.11.

The central bank introduced currency sales, held three times a week, at the end of December to help counter a run on the pound. The currency has appreciated since the army ousted Islamist President Mohamed Mursi on July 3. (Reporting by Yara Bayoumy and Shadia Nasralla; editing by Patrick Graham)

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