Egypt's central bank kept the pound steady at 7.73 per dollar at a foreign exchange auction on Sunday, and the currency weakened at exchange bureaux.
The central bank said it had offered $40 million and sold $37.8 million at a cut-off price of LE7.7301 per dollar CBEO, unchanged from the last auction on Thursday.
The central bank kept the pound at 7.5301 for five months until last month, when it allowed it to weaken to 7.6301. On July 5, the bank let it slide 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 LE7.91/.92 per dollar, weaker than the LE7.865 per dollar quoted Thursday.
The central bank gave banks permission in January to trade dollars up to LE0.10, more or less than the official rate, with an extra LE0.05 for currency exchange bureaux.
Egypt has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.
