Sisi Threatens Price Mafia with Military Justice Amid Regional Crisis
In an unprecedented move, Egyptian President Abdel Fattah Sisi directed the study of the possibility of referring the price manipulation mafia to military justice, emphasizing the need to prevent the exploitation of the current regional situation to raise or manipulate prices.
This came during the iftar ceremony organized by the Egyptian Military Academy, where Sisi confirmed that Egypt is in a "state of near emergency" and must protect the needs of citizens and not allow manipulation.
The Egyptian president explained the importance of being responsible and having an understanding based on knowledge and study, warning of the potential repercussions on prices due to the regional crisis.
He affirmed that Egypt has been keen to prevent escalation in the region, relying on its experience which proves that wars bring destruction and harm the interests of peoples, noting the continued sincere mediation efforts to stop the war to avoid any major repercussions.
Sisi added that war is a reflection of a mistake in calculations and estimations, and that Egypt has faced significant challenges and multiple abuses in recent years, but it has exercised "beautiful patience" that has proven successful in dealing with some countries.
On the economic front, the Egyptian government announced an emergency plan to address the repercussions of the Iran war and secure "foreign currency and food supplies."
Mustafa Madbouly explained during a meeting of the economic ministerial group that the plan was prepared in coordination with the Central Bank and includes providing foreign currency to secure basic needs of food commodities, petroleum products, and production inputs.
The Prime Minister pointed out that the outcomes of the war are still unpredictable, necessitating the development of potential scenarios and taking precautionary measures to address any future developments.
These moves come amid escalating regional tensions due to the war in Iran and its potential impacts on global markets and the Strait of Hormuz, prompting Egyptian leadership to warn citizens against any attempts to raise prices or exploit the crisis.
