The IMF said in a statement it completed its fourth review on Monday and Egyptian authorities can immediately draw the funds.

Egypt negotiated the IMF deal following an acute currency crisis and after the war in Gaza ate into tourism and Suez Canal ...

The Egyptian pound dropped to its lowest official rate last week when one US dollar began trading for 50 pounds. Before the latest drop, the dollar had been trading between 48 and 49 pounds.

Essentially, it means the government is no longer controlling the value of the Egyptian pound compared to other currencies. For decades, it had been pegged to the US dollar, which meant that its ...

Four men arrived and carried away the bags, which U.S. officials later described in sealed court filings as weighing a combined 200 pounds and containing what was then a sizable share of Egypt’s ...