Egyptian Finance Minister Amr El-Garhy said Friday that having two exchange rates, an official rate and a rate on the parallel market, had hindered direct investment in the country, in statements justifying Thursday's flotation of the pound.

The Central Bank of Egypt (CBE) said on Thursday it would not impose restrictions on the exchange of foreign currencies.

President Abdel Fatah al Sisi will pay an official visit to Portugal soon, state news agency MENA reported, citing remarks from Foreign Minister Sameh Shoukry on Wednesday.

Assistant Foreign Minister for Arab Affairs Tarek al Qouny met with U.S. Special Envoy for Libya Jonathan Winer in Cairo Thursday for talks on the latest developments in the oil-rich Arab state, Youm7 reported, citing a statement from the Egyptian Foreign Ministry.

The governor of the Central Bank of Egypt (CBE) announced Thursday that the CBE has received assurances from the International Monetary Fund (IMF), G7 countries, China and a number of Arab countries that they will provide aid to help plug the Egypt's funding gap.

Egypt's petroleum ministry announced late on Thursday new raises in the fuel subsidized prices that will come into effect as of Friday.

Egypt’s stocks hit their highest level in 17 months on Thursday after the central bank liberalised the exchange rate for the pound against foreign currencies, selling the US dollar to local banks at a tentative price of EGP 13.

The committee to review the cases of Egyptian youth detainees held a consultation session Wednesday to lay out its organisational procedures, a committee member told Ahram Online.

The International Monetary Fund said it welcomes Thursday's decision by Egypt's central bank to float the country's pound.

Egyptian Minister of Agriculture Essam Fayed will discuss Egyptian agriculture exports with a delegation from the Federal Service for Veterinary and Phytosanitary Surveillance of Russia on Thursday, Youm7 reported.

Six militants were killed after clashes with Egyptian military forces in restive North Sinai over the past 24 hours, Egyptian Ministry of Defense said in a statement on Thursday.

Egypt's central bank decided on Thursday to freely float the pound and raise key interest rates and announced a set of measures aimed at alleviating a dollar shortage and stabilizing the country's flagging economy.

The strategic reserves of subsidized goods will cover a period of between four and six months, said Supply Minister Mohamed Meselhy said on Monday.

The price of subsidized sugar has been increased to LE7 per kilo, with the new price applied to subsidy cards through November.

The chairman of the World Travel and Tourism Council (WTTC), David Scowsill, has praised the security measures applied at Egyptian airports in the past year, saying that tourism will return to pre-2011 levels by early 2017, according to Al-Watan newspaper.

Petroleum Minister Tareq al-Molla announced on Monday an agreement with Iraq to import Basra crude oil for refining in Egypt, as part of a broader plan to increase bilateral petroleum-industry cooperation.

Antiquities Minister Khaled Anani will open on Friday an exhibition in Luxor Museum displaying 22 artifacts discovered by the Egyptian-French archaeological mission during its work at the Ramesseum Temple.

President Abdel Fatah al Sisi on Wednesday received Chairman of the European Parliament’s Delegation for Relations with the Mashreq countries Marisa Matias and her accompanying members of the delegation.

The cabinet has initially approved in principal a draft law regulating the rights of individuals with disabilities, Youm7 reported Wednesday.

A 400-tourist group from China arrived in the Cairo International Airport on Wednesday to visit the Egyptian archeological sites for a week, an official at the airport told Ahram newspaper.

A four-year-old child was found killed and thrown a garbage tin two days after being reportedly missing in Upper Egypt’s Minya, Ahram said on Wednesday.