Egyptian pound steady at official auction, stronger on black market

Egypt's central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Monday. A trader said the currency strengthened on the black market.

The central bank has now kept the official exchange rate steady for three weeks after letting the pound weaken in an effort to wipe out black market trading.

It typically holds auctions every Sunday, Monday, Wednesday and Thursday. Analysts say the central bank may have decided to stabilise the currency to stop it from depreciating too much and because it hopes other recent measures will have an impact.