Cairo - Egypt's pound strengthened at a central bank foreign currency sale on Monday.
The central bank sold $38.8 million with a cut-off price of 6.8836 Egyptian pounds per dollar versus 6.8842 pounds at its last sale on Thursday, the bank said. It had offered $40 million.
On the black market, dealers were offering to buy dollars for 7.12 pounds and sell them for 7.14 pounds, little changed from last week, currency traders said.
The central bank introduced currency sales, held three times a week, at the end of December to help to counter a run on the pound. It has been allowing the currency to appreciate for the last 10 weeks. - Reuters