Online Reporter
The war in the Middle East has pushed Egypt to an economic state of near emergency.
That was the warning on Thursday from President Abdel Fattah el-Sisi over fears of runaway inflation in the import-dependent country.
The conflict between the United States, Israel and Iran has seen strikes on Egypt’s Gulf allies and paralysed trade through the Strait of Hormuz.
The conflict could also spell trouble for the Suez Canal — a vital waterway for Egypt and key source of foreign currency.
The Egyptian pound fell to an eight-month low against the US dollar at close of business on Thursday.
The currency has lost two-thirds of its value since 2022.
At a military academy event, El-Sisi said “the current crisis might have some repercussions on prices”, warning that price-gouging traders could be tried “in military courts”, according to a statement from his spokesperson.
El-Sisi said he was attempting mediation efforts to stop the war, but Iran has said it is not asking for a ceasefire or neg
