CAIRO: Egypt’s central bank kept the pound steady at 7.7301 pounds to the dollar at its official foreign currency auction on Sunday three days after it raised benchmark interest rates by 50 basis points. The rate was steady on the black market as well.

Egypt is facing a dollar shortage and mounting pressure to devalue its currency. The central bank has been on a drive to indirectly support the pound and supply banks with dollar liquidity to cover imports despite dwindling foreign reserves.