Egypt's Sports and Youth Ministry implemented on Thursday new measures to limit its foreign currency expenses, including suspending youth training camps abroad and participation in Arab tournaments.

Minister Khaled Abdel-Aziz met Thursday with the board members of the Olympic Committee, including Chairman Hisham Hatab, at the ministry headquarters in Cairo to announce new expense cuts amid the country's ongoing economic crisis.

The new measures include delaying training camps abroad for youth teams while providing suitable locations inside Egypt until the end of this fiscal year.

The ministry and the committee also decided to suspend participation in Arab tournaments until 30 June 2017 and limit sports representatives in international conferences and board meetings to one official.

The new decisions come two weeks after the ministry placed heavy restrictions against appointing foreign coaches and mandated that federations pay those currently under contract in Egyptian pounds on par with the official exchange rate set by Egypt's central bank.

Egypt's central bank decided earlier Thursday to devalue the pound against foreign currencies after it had been rapidly tumbling to record lows on the black market in recent weeks.

The US dollar is now being sold at an average EGP 14 at local banks, up from 8.88 on Wednesday.

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