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Egyptian pound unchanged at auction, strengthens on black market

CAIRO, Jan 22 (Reuters) - The Egyptian pound remained unchanged against the dollar at a central bank currency sale on Thursday and strengthened on the black market.

The central bank sold $38.6 million to banks with a cut-off price of 6.9520 pounds to the dollar on Thursday, unchanged from the cut-off price at its last auction on Wednesday. The bank had offered to sell up to $40 million.

On the black market, a trader said the dollar was offered at 7.37 pounds on Thursday compared with 7.43 on Wednesday.

The central bank introduced dollar currency sales a year ago to help counter a run on the pound. It has burned through at least $20 billion - or roughly half its reserves - supporting the currency since Egypt's 2011 uprising, which hit tourism revenues and foreign investment.

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(Reporting by Asma Alsharif; Editing by Catherine Evans)

((maggie.fick@thomsonreuters.com)(+20 120 640 2000))

Keywords: EGYPT POUND/

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