Egypt’s Pound Strengthens at Thursday’s Central Bank Sale

The Egyptian pound strengthened at a central bank sale of foreign exchange on Thursday, for the fourth time since the military removed Islamist President Mohamed Morsi on July 3.

The central bank said it sold $38.8 million to banks, with the cut-off price at 6.9929 pounds to the dollar compared to 6.9992 pounds at Wednesday’s sale.

On the black market, the pound was steady, with one dealer offering to sell dollars for 7.25 pounds and buy for 7.20 pounds.

The central bank introduced the currency sales, held three times a week, at the end of December to help stave off a currency crisis and thwart a run on the pound.

Since then, the bank has allowed the currency to lose about 12 percent of its value on the official market.

Source: Reuters