Egyptian Pound weakens to 7.63 at Official Auction: CBE

Egypt’s pound weakened to 7.63 pounds per dollar from 7.53 at a central bank auction Thursday, the first official depreciation since February.

The bank offered $40 million and sold $38.3 million at a cutoff price of 7.6301 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.

source:Reuters