Central bank keeps pound stable at forex auction - bankers

17:00 - 07 March 2016

People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo, Egypt, December 21, 2015. REUTERS/Amr Abdallah Dalsh

Egypt's pound has been depreciating rapidly on the black market over the past week

Egypt's central bank kept the pound stable at 7.7301 pounds per dollar at an exceptional foreign exchange auction on Sunday, bankers told Reuters ahead of the results announcement.

The central bank said on Sunday it would offer $500 million at an exceptional foreign exchange auction to cover imports of strategic goods.

Egypt's pound has been depreciating rapidly on the black market over the past week, piling pressure on the central bank to adjust the official rate of 7.7301. It reached 9.50 pounds to the dollar on the black market on Thursday.