Egypt clears multibillion-dollar backlog as FX crisis fades

Egypt has cleared a multibillion-dollar backlog of foreign-currency requests from importers and foreign companies since floating the pound in November, a central bank official said, the latest sign that the economy is recovering from a paralyzing dollar shortage. The banking system is also meeting new foreign-currency requests without delay, the official said on condition of anonymity. The bank shared previously unpublished data with Bloomberg, showing that $1.5 billion in pending requests from multinationals to transfer to mother companies or pay suppliers have been cleared. Some $552 million has been made available to foreign companies seeking to remit dividends.