People play a game of dominos as they sit at a roadside cafe before closing in downtown Cairo. AFP
Due to the US-Israeli war on Iran, Egypt has imposed several exceptional measures to rationalize the consumption of energy, including mandating earlier closing hours for commercial venues at 9pm, starting 28 March for a month.
Speaking during the government’s weekly press conference, Madbouly said the decision comes amid “divergent opinions” over earlier closing-hour regulations. He explained that the extension follows a relative decline in global fuel prices, which he linked to the sustainability of the current ceasefire.
Tourist and archaeological areas will be exempt from the new closing times due to their significant contribution to Egypt’s economy, he added.
Madbouly affirmed that the government is closely monitoring developments related to the ceasefire, expressing hope that “within the next two weeks, positive news may emerge toward a full end to the war.” He noted that the government is responding flexibly to evolving conditions and does not intend to prolong the exceptional measures.
The prime minister stressed that transparency in fiscal and monetary policy remains the key pillar for maintaining Egypt’s economic stability. He added that the government’s flexible policies have strengthened confidence, noting that international institutions have acknowledged Egypt’s ability to absorb the ongoing crisis.
Madbouly said Egypt’s foreign currency resources have remained stable despite 40 days of regional war, reiterating the state’s commitment to introducing further incentives to attract investment.
He described energy consumption rationalization as a “shared responsibility” between the government and citizens, pledging that the state will continue such measures even after the war ends, without disrupting economic activity.
He added that Egypt is working to expand the share of renewable energy in the national grid to reduce reliance on gas and petroleum products used in electricity generation.
Reserves remain strong amid regional tensions
Addressing the economic impact of the ongoing Middle East war, Madbouly said it has had significant repercussions on state financial resources. However, he stressed that the government is coordinating closely with the Central Bank of Egypt to secure foreign currency and essential imports.
He confirmed that Egypt’s economic conditions remain stable, noting that the country’s foreign reserves rose to $52.8 billion in March despite exceptional circumstances.
“There has been no delay in meeting market needs. The market is completely stable,” Madbouly said, attributing this to the central bank’s flexible policies, which have drawn praise from international institutions.
He added that, under directives from the political leadership, Egypt continues to maintain sufficient reserves of essential commodities, ranging between six and 12 months, affirming that “there are no shortages in strategic goods.”
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