Egyptian pound steady on official market

Egypt's central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Wednesday. The bank said it had offered $40 million and sold $38.4 million at a cut-off price of 7.5301 pounds per dollar, unchanged from its last auction, held on Monday. The central bank has now kept the official exchange rate steady for more than a month after letting the pound weaken in an effort to wipe out black market trading.
Black market traders said activity had fallen dramatically because of that step and a cap the central bank put in place in February on the amount of dollars that could be deposited in banks.