Egypt Hails $925 Million Inflows as Sign Devaluation Is Working

Egypt saw more than $925 million in foreign-exchange inflows since Jan. 11, the central bank said, spotlighting what it called a series of “positive indicators” in the wake of the North African nation’s third devaluation in a year.

After the latest major move for the pound mid-last week, interbank trading activity was more than 20 times the recent daily average, the central bank said Monday in a statement. That enabled Egypt, which has been grappling with a foreign-exchange drought, to cover over $2 billion of importers’ needs in the past three days, according to the regulator.