image sourced from original article at Egyptian President Abdel-Fattah el-Sissi said the country is in a 'state of near-emergency' as the ongoing war involving Iran threatens to destabilize the region and fuel inflation at home. Although Egypt has not been directly attacked, the conflict has disrupted trade routes and shaken investor confidence, putting pressure on the economy.
The Egyptian pound fell to an eight-month low against the United States dollar, reflecting capital outflows and growing uncertainty. Egypt’s import-dependent economy has been particularly vulnerable to currency fluctuations, with the pound having lost much of its value since 2022, raising concerns about further price increases.
Sissi warned that traders who engage in price gouging could face military trials and cautioned that the war could also harm revenues from the Suez Canal, a key source of foreign currency. He said Egypt is pursuing mediation efforts to halt the fighting, stressing that a prolonged conflict would carry a heavy economic toll for the region.
