A snap shot of Egyptian Prime Minister Mostafa Madbouly speaking during a press conference. Photo courtesy of Extra news.
Speaking at a press conference on Tuesday, Madbouly said there is no foreign currency shortage and that the Central Bank of Egypt (CBE) is operating “with full flexibility” to provide dollars to the market.
His remarks come as the US–Israeli war on Iran enters its fourth day, disrupting shipping and energy flows and pushing up global oil and gas prices.
Madbouly said the government has been closely monitoring developments and has prepared multiple scenarios to deal with potential fallout. He added that Egypt holds strategic reserves of essential commodities sufficient for several months and has secured energy supplies for an extended period.
He stressed that there will be no power cuts for citizens or gas supply disruptions to factories.
The prime minister acknowledged that the escalation has affected supply chains regionally and globally, and said the government is working to contain the domestic impact.
He warned that a prolonged conflict and sustained increases in global oil and gas prices could force the state to take “exceptional measures” regarding the prices of certain goods to ensure their continued availability. He did not provide details but expressed hope that the conflict would end quickly to avoid such steps.
Madbouly also said the government would not tolerate monopolistic practices or unjustified price increases, warning that authorities would act against attempts to exploit the crisis for profit.
The conflict has widened beyond Iran, with hostilities spilling into Lebanon and raising fears of a broader regional war.
Iran has continued retaliatory attacks against Israel and US assets in the Gulf following earlier strikes that killed Supreme Leader Ayatollah Ali Khamenei and other senior officials, according to Iranian authorities.
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