CBE: Egypt pound weakens to new low of LE7.51 per dollar

Egypt's pound weakened to LE7.51 per dollar, from LE7.49 at the last sale, at a central bank auction on Sunday, the weakest level it has been allowed to reach since auctions began in December 2012.

The bank offered US$40 million and sold 38.4 million at a cut-off price of LE7.5101 per dollar, the central bank 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. 

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