Egypt in March 2026: the most important developments in economy
In March 2026, Egypt's economy was shaped by the war involving Iran and the disruption of oil shipping through the Strait of Hormuz. On March 2, President Abdel Fattah el-Sisi warned that a closure of the strait would threaten global oil supplies and Suez Canal revenues, and on March 5 he said Egypt was in a 'state of near-emergency'. The dollar hit new highs against the Egyptian pound, which reached a record low on March 15, and investors pulled money out of the country. On March 10 the government raised fuel prices by 3 Egyptian pounds per liter and announced seven measures to shield the economy; Prime Minister Mostafa Madbouly said foreign currency reserves were sufficient. On March 18 Egypt announced urgent energy-saving measures, citing a $1.1 billion monthly rise in its energy bill. The next day the IMF said Egypt had contained the shock, and the World Bank raised its funding for Egypt's growth policies to $1 billion. On March 30 Sisi said only President Trump could stop the war and warned oil prices could exceed $200.
Shipping routes shifted. CMA CGM suspended its vessels' passage through the Suez Canal on March 1, while the Suez Canal Authority said navigation was operating normally, and the IMF said canal traffic rose in the first week of the war. Saudi Arabia moved crude exports to the Red Sea, with nearly 4 million barrels per day expected in March, and supertankers headed to Egypt's port of Ain Sokhna, where the SUMED pipeline was positioned as a temporary alternative. On March 19 Egypt and Saudi Arabia agreed to launch a land-sea bridge for trade with the Gulf.
At home, authorities raided markets in Cairo and Port Said as part of price-control crackdowns, and gold prices swung sharply. Egypt signed renewable energy deals for 5,620 megawatts, announced a new gas field in the Western Desert and set a 5.4 percent growth target for the 2026/27 fiscal year. EgyptAir cut its Dubai flights to one a day.
by WorldBrief & Maksim Micheliov | AI-generated summary
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