October 4, 2016 / 9:02 AM / 10 months ago

Egypt central bank to keep pound stable at Tuesday's regular dollar sale -bankers

1 Min Read

CAIRO, Oct 4 (Reuters) - Egypt's central bank will keep the Egyptian pound stable against the dollar at Tuesday's weekly auction of foreign currency, bankers said, confounding expectations of a devaluation that had helped fuel a stock market surge.

The Central Bank of Egypt announced on Tuesday that it would sell its usual ration of $120 million at its weekly sale.

It has yet to announce the rate, which is usually published at the end of the sale, but bankers said they would be buying at the existing official rate of 8.78 pounds to the dollar.

Reporting by Ehab Farouk and Lin Noueihed, editing by Eric Knecht

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