Egyptian President Abdel Fattah al-Sisi says his country is in an economic “state of near-emergency” as a result of the Middle East war, warning of runaway inflation, AFP reports.

The Egyptian pound has fallen to an eight-month low against the US dollar, trading at 50.2 to the dollar amid reports of short-term investment outflows.

At a military academy event, Sisi said “the current crisis might have some repercussions on prices”, warning that price-gouging traders could be tried “in military courts”, according to a statement from his spokesman.

Sisi has added that Egypt is attempting “sincere and honest mediation efforts to stop the war, as its continuation will have a hefty toll”.