The Central Bank of Egypt said today, Monday, that it has sold $850 million worth of one-year dollar treasury bills at an average yield of 4.649%.

The Executive Board of the International Monetary Fund has approved a $3 billion bailout package for Egypt over 46 months, saying it includes “a permanent transition to a flexible exchange rate regime.”

Egypt has been negotiating for a loan for seven months as the aftermath of the war in Ukraine highlighted a currency crisis.

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