Reuters – The Egyptian pound strengthened fractionally at a central bank currency sale on Monday and remained unchanged on the black market.
The central bank sold $38.6m to banks with a cut-off price of 6.9516 pounds to the dollar, compared with 6.9517 at its last auction on Thursday. The bank had offered to sell up to $40m.
On the black market, a trader said the dollar was offered at 7.33 pounds on Monday, unchanged from a day before.
The central bank introduced dollar currency sales a year ago. Last week it held a $1.5bn exceptional auction, its largest ever, to restock the market with much needed dollars and fight the unofficial currency market.
The central bank has burned through at least $20bn – roughly half its reserves – supporting the pound since Egypt’s 2011 uprising scared off tourists and foreign investors.
