Egypt Seeks to Allay Worries Over Iran War’s Economic Fallout

Article content(Bloomberg) — Egypt moved to ease concerns over the Iran war’s impact on the economy, while warning “extraordinary” measures may be needed to tackle commodity prices if the conflict drags on.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe Middle East’s most populous nation has secured alternative natural gas supplies and has sufficient reserves of key items, Prime Minister Mostafa Madbouly told reporters Tuesday in the country’s new administrative capital.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentMadbouly didn’t specify what unusual steps might be required in future. His cabinet described proactive moves made such as signing gas contracts at preferential rates, while Finance Minister Ahmed Kouchouk said Egypt is hedging against volatile oil prices.Article contentArticle contentThe assurances come as the import-dependent North African nation grapples with the fallout from the four-day-old US-Israeli war with Iran, which has spurred investors’ retreat from emerging market assets and sent energy prices surging.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentEgypt’s pound briefly weakened past the milestone of 50 per dollar on Tuesday, and is trading at its lowest since June. Investment bank EFG Hermes estimated there have been between $2.5 billion and $3 billion in portfolio outflows since mid-February, when the prospect of the Iran war became more likely.Article contentAn importer of natural gas, Egypt is looking to bring forward some cargoes agreed last year and purchase more, after Israel temporarily closed some fields at the weekend.Article contentThe prime minister also described foreign currency buffers as sufficient. Net international reserves surged to a record $52.6 billion in January, partly due to booming tourism and remittances from Egyptian workers overseas.Article contentThe main question no one can answer is how long the war will last, Madbouly said.Article content—With assistance from Mirette Magdy.Article contentTrending Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News One tax change that could improve Canada's productivity and benefit all Personal Finance Atlantic Canada's energy isolation is getting worse as East-West pipeline divide persists Oil & Gas PDAC 2026: Hodgson says Canada's mining sector is at a 'hinge moment' while announcing new critical minerals projects Mining Heading for a mortgage default? Bank of Canada research lays out three telltale signs Mortgages Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News One tax change that could improve Canada's productivity and benefit all Personal Finance Atlantic Canada's energy isolation is getting worse as East-West pipeline divide persists Oil & Gas PDAC 2026: Hodgson says Canada's mining sector is at a 'hinge moment' while announcing new critical minerals projects Mining Heading for a mortgage default? Bank of Canada research lays out three telltale signs Mortgages