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Egyptian President Abdel Fattah al-Sisi said the war in the Middle East has plunged the North African country’s economy into a “state of near-emergency”.
Since Saturday, several countries in the Middle East have been fraught with an ongoing escalation stemming from the United States and Israel’s standoff with Iran. The region has been plunged into a crisis which has gone on to impact the rest of the world. Global crude oil prices have increased as a result of the war.
Although Egypt has not been physically impacted by the war in the region, where missile and drone strikes have been exchanged, Egypt’s economy has.
The Egyptian pound had fallen to an eight-month low against the US dollar, trading at 50.2 to the USD on Thursday.
Sisi, speaking at a military academy event on Thursday, said the ongoing escalation might have repercussions for prices.
He had warned over the weekend that the war could spell trouble for the Suez Canal, the region’s other vital waterway besides the Strait of Hormuz and a key source of foreign currency for Egypt.
The Egyptian President added that the North African country was attempting “sincere and honest mediation efforts to stop the war, as its continuation will have a hefty toll”.
