A hopeful sign?

Bloomberg:   Egypt Pound Drop Slows as Central Bank Curbs Move, Boosts Supply
"The Egyptian pound weakened the least in almost six weeks at an auction today after the central bank introduced new curbs to slow the depreciation and offered more U.S. currency. The benchmark dollar bonds rose...The regulator auctioned USD 49.2 million at a weighted average price of 6.7043, compared with 6.702 a dollar yesterday, according to its data on Bloomberg. Banks received 43 percent on average of what they sought, up from 24 percent yesterday, the data show. The central bank sold USD 172 million at this week’s sales, a three-week high, according to the data."

or maybe just a breather?

"“The central bank’s measures this week have helped reduce the gap between the official and parallel exchange rates and lower the panic on the street with respect to the currency,” Mohamed Kotb, regional asset management director at Cairo-based Naeem Financial, said by phone...“Fundamentally, nothing has changed as far as Egypt’s macroeconomic situation, which remains dire,” Kotb said."

I am not so sure about that. If the Central Bank has engineered a devaluation without a run on the currency that is certainly a positive.  It may not cure the overall macro situation but it prevents a bad situation from getting significantly worse.