Egyptian Currency weakens to 7.73 at Official Auction – Central Bank

Egypt’s pound weakened to 7.7301 pounds per dollar from 7.6301 at a central bank auction Sunday.

The bank offered US$40 million and sold US$39.6 million at a cutoff price of 7.7301 pounds per dollar, the central bank of Egypt (CBE) 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.