The Egyptian central bank held the pound steady at a dollar sale on Tuesday, selling $37.8 million at a cut-off price of LE7.7301 per dollar, but the currency weakened on the parallel market.
The official cut-off price was unchanged from Sunday's dollar sale but two traders said the dollar changed hands at 8.15/18 per dollar in the parallel market, slightly weaker than Sunday's rate of 8.145/17.
Egypt has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.
The central bank gave permission in January to trade dollars up to LE0.10 above or below the official rate, with currency exchange bureaux allowed to trade at LE0.15 above or below the official rate.
The central bank had kept the pound at 7.5301 for five months until July, when it was allowed to slide to 7.6301. On July 5, the bank let it slip a further 0.10 pounds.
Allowing the pound to weaken in a controlled way could boost exports and attract further investment, but it also raises Egypt's already large bill for imported fuel and food staples.
