Egypt places colossus of Ramses II in atrium of new museum

With much fanfare, Egypt on Thursday placed the ancient statue of one of its most famous pharaohs, Ramses II, in the entrance hall of a new antiquities' museum under construction near the pyramids of Giza, just outside Cairo.

The statue of Egyptian Pharaoh Ramses II is surrounded by honor guards as it is moved to be displayed at a permanent location at the Grand Egyptian Museum (GEM) in Cairo, Egypt, Thursday, Jan. 25, 2018. (AP Photo/Amr Nabil)

This was the fourth time the statue, which dates back 3,300 years, had been moved. It was first discovered in 1820 near ancient Memphis by Giovanni Battista Caviglia, an Italian explorer and Egyptologist who was also a key figure in the excavation of the Sphinx of Giza.

A drone films a giant statue of the pharaoh Ramses II as it is relocated at the Grand Egyptian Museum, in Cairo, Egypt, Thursday, Jan. 25, 2018. (AP Photo/Amr Nabil)

Ramses II, also known as Ramses the Great, ruled Egypt for around 60 years, from 1279 B.C. to 1213 B.C. He is credited with expanding ancient Egypt's reach as far as modern Syria to the east and modern Sudan to the south.

Cameramen film a giant statue of the pharaoh Ramses II as it is relocated at the Grand Egyptian Museum, in Cairo, Egypt, Thursday, Jan. 25, 2018. (AP Photo/Amr Nabil)

The placement of the Colossus, weighing over 80 tons and towers at a height of about 12 meters (39 feet), took place amid a ceremony attended by Egyptian officials and foreign diplomats.

A giant statue of Pharaoh Ramses II arrives at the at the atrium of the Grand Egyptian Museum in Cairo, Egypt, Thursday, Jan. 25, 2018. (AP Photo/Amr Nabil)

The massive statue — which for over 50 years had graced the Ramsis Square, named after the statue, in downtown Cairo — was moved in an iron cage hung like a pendulum on a steel bridge for about 400 meters (yards) from where it stood earlier, at the museum compound.

A statue of the ancient Egyptian Pharaoh Ramses II is surrounded by honor guards as it is relocated at the Grand Egyptian Museum, in Cairo, Egypt, Thursday, Jan. 25, 2018. (AP Photo/Amr Nabil)

"We are celebrating the arrival of the first artifact to its final venue in the atrium of the Grand Egyptian Museum," Antiquities Minister Khaled al-Anani said, referring to the colossus.

The relocation of the colossus cost 13.6 million Egyptian pounds, al-Anani said, which today is about $770,000, and involved military corps of engineers and a contracting company.

A drone hovers as a statue of Egyptian Pharaoh Ramses II is relocated at the Grand Egyptian Museum near the great Pyramids, in Cairo, Egypt, Thursday, Jan. 25, 2018. (AP Photo/Amr Nabil)

Al-Anani said the museum entrance hall will also host some 87 other artifacts, including 43 massive statues. He said that the first phase of the new museum, including the atrium, will be inaugurated later this year. The grand opening of the new museum is expected to take place in 2022.

A statue of the ancient Egyptian Pharaoh Ramses II is surrounded by honor guards as it is relocated at the Grand Egyptian Museum, in Cairo, Egypt, Thursday, Jan. 25, 2018. (AP Photo/Amr Nabil)

The museum covers about 490,000 square meters (586,120 square yards) and will house some of Egypt's most unique and precious artifacts, including many belonging to the famed boy King Tutankhamun.

A giant statue of Pharaoh Ramses II arrives at the at the atrium of the Grand Egyptian Museum in Cairo, Egypt, Thursday, Jan. 25, 2018. (AP Photo/Amr Nabil)

Egypt hopes the inauguration of the new museum, along with a string of recent discoveries, will help spur a vital tourism industry that has been reeling from the political turmoil that engulfed Egypt following the 2011 popular uprising that toppled longtime autocrat Hosni Mubarak.

On Thursday, Egypt marked the seventh anniversary of the uprising.

CAIRO (AP) — The Egyptian pound is sliding against foreign currencies, inching nearer to 50 per U.S. dollar after a recent hike in subway fares and fuel prices.

The currency reached 49.16 to the U.S. dollar Tuesday, the Central Bank of Egypt posted on its website.

In June and July, the Egyptian pound ranged between 47 and 48 to the dollar after it floated in March and lost around 60% of its value, down as low as around 30 to the dollar.

The new exchange rates come a week after the International Monetary Fund (IMF) completed its third financial review of Egypt, allowing the government to draw $820 million. That amount is part of a $8 billion bailout loan intended to support Egypt’s ailing economy, slowed by a shortage of foreign currency, skyrocketing inflation, and turmoil in the Red Sea due to attacks by Yemen’s Houthi rebels.

“The Egyptian authorities’ recent efforts to restore macroeconomic stability have started to yield positive results. Inflation remains elevated but is coming down. A flexible exchange rate regime remains a cornerstone of the authorities’ program,” the IMF said last week.

Egyptians have grappled with a soaring inflation, including an announcement late last month by the Petroleum Ministry that fuel prices would increase by about 10%.

The last fuel price increase occurred in March with the government attributing price hikes to rising costs of fuel due to attacks in the Red Sea and a depreciation of its currency.

Houthis have been attacking commercial ships in the Red Sea in retaliation against Israel’s ongoing war in Gaza. Oil, natural gas, and grain among other products travel through the sea routes separating Africa and the Arabian Peninsula en route to the Suez Canal, where 12% of the world’s trade typically passes.

Subway fares in Cairo also officially increased as of last week, according to the National Authority for Tunnels, which administers and operates the Cairo metro. Increased fare prices now range between 2 to 5 Egyptian pounds.

Egypt reached a deal with the IMF this spring to more than double the size of its bailout to $8 billion. The price hikes have been deemed necessary to meet conditions set by the IMF for further assistance to the country.

FILE - Egyptians walk past an exchange office in Cairo, Egypt, Wednesday, March 6, 2024. The Egyptian pound is sliding against foreign currencies, inching closer to EGP 50 to the U.S. dollar on Monday, Aug. 5, after a recent hike in subway fares and fuel prices. (AP Photo/Amr Nabil, File)