Egypt's central bank kept the pound steady at 7.73 per dollar at a foreign exchange auction on Sunday, and the currency was weaker at exchange bureaus. The central bank said it had offered $40 million and sold $37.8 million at a cut-off price of 7.7301 pounds per dollar, unchanged from the rate at the last auction on Thursday.
The bank kept the pound at 7.5301 for five months until last month, when it allowed it to slide to 7.6301. On July 5, the bank let it slip a further 0.10 pounds.
Letting the pound weaken in a controlled way could boost exports and attract further investment, but also raises Egypt's already large bill for imported fuel and food staples.
Two traders at exchange bureaus said the pound was changing hands at 8.015/8.02 pounds per dollar, weaker than the 8 quoted on Thursday.
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