Egyptians working abroad begin sending more money back home after devaluation

Egyptians working abroad are sending more money home since the country sharply devalued its currency last week, officials and bankers said. 

Egypt on March 6 cut the Egyptian pound to about 50 to the dollar from just under 31 pounds, where it had been fixed for the previous 12 months. 

The devaluation was part of an $8 billion financial support agreement that Egypt last week signed with the International Monetary Fund.