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Egypt Government Moves to Control Currency Exchange Rate

Egyptian Prime Minister Mostafa Madbouly during a press conference at Alexandria port. (Egyptian government)
Egyptian Prime Minister Mostafa Madbouly during a press conference at Alexandria port. (Egyptian government)
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Egypt Government Moves to Control Currency Exchange Rate

Egyptian Prime Minister Mostafa Madbouly during a press conference at Alexandria port. (Egyptian government)
Egyptian Prime Minister Mostafa Madbouly during a press conference at Alexandria port. (Egyptian government)

The Egyptian government pledged to “control the market,” stressing that the US dollar crisis is on its way to being resolved. 

It has also sought to crack down on currency dealers in the “black market.” 

The value of the Egyptian pound declined against the US dollar following the Central Bank’s decision in October to move to a flexible exchange rate, describing it as one of the conditions for obtaining an International Monetary Fund (IMF) loan.  

Cairo received the first tranche of the IMF loan in December, which led to a wave of “high prices.”  

Government spokesman Nader Saad confirmed in televised statements that the US dollar crisis is on its way to being solved, adding that there are commodities worth $8.5 billion in the ports and that the coming period would witness the release of items worth $3.4 billion. 

“The past period witnessed a significant breakthrough in the release of goods from the ports, which had a positive impact and increased supply in the markets,” he explained. 

Prime Minister Mostafa Madbouly vowed in a press statement on Saturday to release the goods in the ports, according to a plan that includes paying suppliers’ arrears gradually.  

The recent period witnessed a discrepancy in the exchange rate of the dollar, as its value in the official market amounted to EGP24.6, while its value in the unofficial market rose to about EGP38 before it fell to about EGP28 in recent days, with the government taking measures regarding the “black market.”  

The Ministry of Interior arrested two persons who tried to smuggle foreign currency through Cairo Airport, in violation of Egyptian monetary law, according to an official statement.  

The security services also arrested three persons for their illegal trade in foreign exchange via Facebook. 

The government’s media center highlighted in a press statement the state’s effort over the past eight years in establishing a comprehensive social protection system, asserting that it remains a top priority.  

It noted the social safety net program, Takaful and Karama, for cash transfers, saying it is among the most significant investments in human capital development. It also said the Decent Life initiative contributed to improving the living conditions of rural communities.  

The media center indicated that total support, grants, and social benefits increased by 50.2 percent after it reached EGP343.4 billion in 2021/2022, compared to EGP228.6 billion in 2013/2014.  

The value of cash support increased to EGP20 billion after implementing the Takaful and Karama programs, compared to EGP5 billion in 2013/2014.  

Food subsidies increased to EGP96.8 billion in 2021/2022, compared to EGP35.5 billion in 2013/2014, and minimum wages rose to EGP3,000 pounds in 2022 from EGP1,200 in 2014. 

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Arab World

Libya’s Ramadan Celebrations Tempered by Economic Woes

A family walks on their way to shop for Ramadan decorations ahead of the holy month of Ramadan in Benghazi, Libya, February 16, 2026. (Reuters)
A family walks on their way to shop for Ramadan decorations ahead of the holy month of Ramadan in Benghazi, Libya, February 16, 2026. (Reuters)
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Libya’s Ramadan Celebrations Tempered by Economic Woes

A family walks on their way to shop for Ramadan decorations ahead of the holy month of Ramadan in Benghazi, Libya, February 16, 2026. (Reuters)
A family walks on their way to shop for Ramadan decorations ahead of the holy month of Ramadan in Benghazi, Libya, February 16, 2026. (Reuters)

Libyans have been enjoying Ramadan with feasts and fireworks -- but soaring prices, a devalued currency and political divisions have left many with little to celebrate.

Fifteen years on from the fall of longtime leader Moammar al-Gaddafi, the country remains split between east and west, while shortages of goods, including fuel, disrupt daily life, despite Libya sitting atop vast oil and gas reserves.

During the holy month of Ramadan, shoppers stock up on treats, as families gather for lavish meals before and after the daytime fast that stretches from sunrise to sunset.

But this year supermarkets have been rationing their goods, while many petrol stations are short of gas. In the capital Tripoli, most ATMs were out of cash this week.

Firas Zreeg, 37, told AFP while weaving through a crowded supermarket that the economy was deteriorating, blaming currency speculators for the fall in the dinar, "which has negative repercussions on our daily lives".

The price of cooking oil has doubled in recent weeks, while meat and poultry prices rose by half.

Refills of gas cylinders, officially priced at 1.5 dinars ($0.24) but often unavailable through state-run distributors, now sell for 75 dinars ($11.85) on the black market and at times more.

- 'Burden on citizens' -

Libya has struggled to recover from the chaos that erupted following the 2011 uprising that toppled Gaddafi.

It remains divided between the Government of National Unity (GNU) based in Tripoli and an eastern administration backed by Libyan National Army (LNA) commander Khalifa Haftar.

The country has largely been stable in recent years although there have been bouts of deadly violence, including the killing of Gaddafi's son and heir apparent Seif al-Islam this month.

With security holding, many Libyans are more focused on their livelihoods.

Last month, the central bank in the western territory devalued the dinar -- the second time in less than a year -- by nearly 15 percent, "aimed at preserving financial and monetary stability and ensuring the sustainability of public resources".

In an address this week, GNU leader Abdulhamid Dbeibah acknowledged that the devaluation had once again "put the burden on citizens".

Hanna Tetteh, head of the United Nations Support Mission in Libya, warned on Wednesday that "poverty and pressure on society [are] increasing".

"The situation, in addition to the fragile security landscape, should be a matter for concern as such conditions can lead to unexpected political and security challenges," she told the UN Security Council.

Libya's other economic problems included the absence of a unified national budget, in light of its political divide, as well as uncoordinated public spending due to parallel state institutions, Tetteh said.

Revenues from the oil industry were also declining, she added, while the central bank has said public spending is growing at an unsustainable pace.

On Tuesday, Libya marked 15 years since the start of the uprising, with fireworks lighting up the sky in Tripoli, but for many Libyans life remains a struggle.

"Minor improvements in security were made over the past three years," Zreeg told AFP, but Libyans are still faced with huge economic challenges.

Arab World

Libya PM Undergoes 'Successful' Treatment at Heart Hospital

Head of Libya's Government of National Unity (GNU) Abdulhamid Dbeibah. (GNU)
Head of Libya's Government of National Unity (GNU) Abdulhamid Dbeibah. (GNU)
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Libya PM Undergoes 'Successful' Treatment at Heart Hospital

Head of Libya's Government of National Unity (GNU) Abdulhamid Dbeibah. (GNU)
Head of Libya's Government of National Unity (GNU) Abdulhamid Dbeibah. (GNU)

Libya's Prime Minister Abdulhamid Dbeibah has undergone "successful" treatment at a heart hospital, his office said Saturday, but his specific ailment was not disclosed.

"I assure you that I am fine, by God's grace," said a statement posted on social media overnight.

The treatment was carried out at a facility in the northwestern Libyan city of Misrata on an undisclosed date, said AFP.

Dbeibah said he later travelled abroad for "additional medical checkups for reassurance", though this was not the primary reason for his trip.

Italian media outlets previously reported he had been admitted to a leading cardiac facility in Milan on Thursday for a general check-up.

"The matter is simply that I underwent some additional medical checkups for reassurance while I was abroad due to a prior external commitment," he said.

"The results confirmed the success of the treatment I received in Libya, praise be to God."

The prime minister leads a UN-recognized government based in Tripoli that controls western Libya, while the country's east is run by another administration backed by military strongman Khalifa Haftar.

Libya has remained divided since chaos erupted following the 2011 Arab Spring uprising that toppled longtime leader Muammar Gaddafi.

Arab World

Eight Hezbollah Members Killed in Israel’s Friday Strikes on Lebanon

A bulldozer clears debris near heavily-damaged buildings in the village of Bednayel in Lebanon's eastern Bekaa Valley region on February 21, 2026, following Israeli strikes. (AFP)
A bulldozer clears debris near heavily-damaged buildings in the village of Bednayel in Lebanon's eastern Bekaa Valley region on February 21, 2026, following Israeli strikes. (AFP)
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Eight Hezbollah Members Killed in Israel’s Friday Strikes on Lebanon

A bulldozer clears debris near heavily-damaged buildings in the village of Bednayel in Lebanon's eastern Bekaa Valley region on February 21, 2026, following Israeli strikes. (AFP)
A bulldozer clears debris near heavily-damaged buildings in the village of Bednayel in Lebanon's eastern Bekaa Valley region on February 21, 2026, following Israeli strikes. (AFP)

Attacks carried out by Israel on Friday in eastern Lebanon killed eight members of Hezbollah, an official from the group told AFP on Saturday.

Lebanon's health ministry said Friday that a total of 10 people were killed in strikes that hit the eastern Bekaa region.

The Israeli military said it targeted "several terrorists of Hezbollah's missile array in three different command centers in the Baalbek area".

Lebanon's president on Saturday condemned the attacks, the latest despite a ceasefire with Hezbollah.

In a statement, Joseph Aoun called the attacks "a blatant act of aggression aimed at thwarting diplomatic efforts" by the United States and other nations to establish stability.

A lawmaker from Hezbollah called on Beirut to suspend meetings of a multinational committee tasked with monitoring the truce.

Washington is one of five members on the committee overseeing the ceasefire implemented in November 2024, with the body scheduled to meet again next week.

Israel has repeatedly bombed Lebanon despite the ceasefire, usually saying it is targeting Hezbollah but occasionally also the group's Palestinian ally Hamas.

The Friday attacks on southern and eastern Lebanon killed 12 people, according to the health ministry, 10 of them in the east of the country.

Israel's military said it struck "several terrorists of Hezbollah's missile array in three different command centers in the Baalbek area".

Hezbollah said a commander was killed in the raids. Its lawmaker Rami Abu Hamdan said on Saturday the group "will not accept the authorities acting as mere political analysts, dismissing these as Israeli strikes we have grown accustomed to before every meeting of the committee".

He called on Beirut to "suspend the committee's meetings until the enemy ceases its attacks".

Hezbollah, while weakened following war with Israel, remains a strong political force in Lebanon represented in parliament.

Lebanon's government last year committed to disarming the Iran-backed group, with the army saying last month it had completed the first phase of the plan covering the area near the Israeli border.

Israel, which accuses Hezbollah of rearming since the war, has called the Lebanese army's progress on disarming the group insufficient.