Egypt's pound edges stronger

The Egyptian pound inched stronger at a central bank sale of foreign exchange on Monday, for the fifth time since the military removed Islamist President Mohamed Mursi on July 3.

The central bank said it sold $38.4 million to banks, with the cut-off price at 6.9928 pounds to the dollar compared to 6.9929 pounds at Thursday's sale.

On the black market, the pound was steady, with one dealer offering to sell dollars for 7.25 pounds and buy for 7.20 pounds.

The central bank introduced the currency sales, held three times a week, at the end of December to help stave off a currency crisis and thwart a run on the pound.