Egypt will submit within two or three days a letter of intent to the International Monetary Fund for a $12 billion loan, Finance Minister Amr El Garhy was quoted as saying by the Al-Borsa newspaper on Monday.

The US dollar price jumped on Monday to a new level amid concerns that this state of confusion, which began yesterday, may continue in inter-bank trading for the American currency.

Egypt's Petroleum Minister Tarek El Molla said that total subsidies for petroleum products reached LE64 billion as a result of increasing oil prices and currency floatation, adding that fuel subsidy cuts announced on Thursday will save the government around LE22 billion.

After the Central Bank of Egypt (CBE) announced the pound floatation last Thursday, pharmaceutical companies have notified pharmacies Monday that the number of imported medicines will be reduced over the next 3 months, as of November 5, due to high costs.

Lawyer Ali Ayyub filed a lawsuit on Sunday at the State Council to demand canceling of the decision by Central Bank of Egypt’s (CBE) governor to float the Egyptian pound.

Egypt's decision to float the pound on Thursday is credit positive for Egyptian banks, Global credit rating agency Moody's said in a statement on Monday, adding that the decision would increase the availability of US dollars in the economy.

For the first day in a row, the Egyptian Stock Exchange opens its session Tuesday at a positive note.

The Foreign Affairs committee at the parliament will be meeting Tuesday with foreign ambassadors to discuss bilateral issues and cooperation.

Egypt’s Foreign Minister Sameh Shoukry departed Tuesday on an Ethiopia-bound flight to participate in a high-level meeting on Libya, Youm7 reported.

North Sinai forces managed to harmlessly dismantle an explosive device found near a primary school in central Arish City, Youm7 reported Tuesday.

Hundreds of students gathered at the American University in Cairo campus today to protest an increase in tuition fees following the recent floating of the Egyptian pound against the US dollar.

Three people were killed and 22 injured on Tuesday in a collision on Suez road between a school bus and a truck, reported Al-Ahram Arabic website.

Egypt's Foreign Affairs Minister Sameh Shoukry met on Monday with French senate president Gérard Larcherin in Cairo to discuss a number of regional and domestic issues, a ministry statement read.

President Abdel Fatah al-Sisi held a meeting with the cabinet on Sunday, discussing the government’s efforts of combating the corruption of the administrative bodies and the government’s latest economic decisions, particularly the flotation of the Egyptian currency, Presidential Spokesperson Alaa youssef said in a statement on Sunday.

President Abdel Fatah al-Sisi phoned Togolese President Faure Gnassingbé on Sunday evening, congratulating him on the Togo’s success in organizing the African Union Extraordinary Summit on Maritime Security and Safety, said Egyptian Spokesperson Alaa Youssef in a statement on Sunday.

Egyptian Foreign Minister Sameh Shoukry will meet with President of the Senate of France Gérard Larcher on Monday in Cairo-based Foreign Ministry headquarters, according to a statement from the Egyptian Ministry.

Egypt denied media reports claimed that the Egyptian Minister of Petroleum flied to Iran to discuss the bilateral cooperation in oil field after Saudi Arabia has suspended the oil aid to Cairo, Youm7 reported on Monday.

Joint drills between the Egyptian and Jordanian militaries began in southern Jordan on Monday and will continue until 25 November, according to Egypt's military spokesman.

Egypt's trade deficit was down 3.1 percent in August compared to the same month last year, reaching EGP 37.8 billion, the state's statistics body CAPMAS said in a Monday statement.

US Secretary of State John Kerry has commended Egypt for undertaking economic reforms last week, calling them "important steps" to stabilize an economy hit by years of political turmoil.