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Egyptian pound steady at official auction, on black market
May 28, 2015 / 10:59 AM / 3 years ago

Egyptian pound steady at official auction, on black market

CAIRO, May 28 (Reuters) - Egypt’s central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Thursday, while the currency was largely stable on the black market.

The central bank has held the official exchange rate steady for more than three months since letting the pound weaken at the beginning of 2015. This weakening and other measures have helped reduce black market trading significantly.

In Thursday’s auction, the bank said it had offered $40 million and sold $37.8 million at a cut-off price of 7.5301 pounds per dollar, unchanged from Tuesday’s rate.

On the black market, the pound was trading at 7.67 pounds to the dollar on Thursday, a trader said, virtually unchanged from the 7.675 pounds quoted on Tuesday.

Black market traders say volumes have fallen sharply since the central bank’s drive to stamp out their transactions, including the introduction in February of a cap on the amount of dollars that can be deposited in banks. (Reporting by Shadi Bushra; Editing by Toby Chopra)

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