Egypt’s President Mohamed Morsi yesterday downplayed the country’s teetering economy before a newly empowered senate, and insisted that a new constitution that fuelled protests guaranteed equality.

Since the Constitution’s acceptance in a two-stage referendum this month following weeks of often violent protests, the Islamist Morsi’s Government has sought to downplay fears of a downturn amid a declining Egyptian pound.

In his address to the Senate, which the Constitution invests with legislative powers until a new parliament is elected in two months, Morsi insisted there had been gains as well as losses in the battered economy.

“General indicators for the social and economic situation have shown some noticeable progress,” Morsi said, blaming the weeks-long protests in November and December for damaging tourism.

And in comments apparently meant to reassure foreign lenders and investors, he said the country’s depleting reserves in fact registered an increase by November and pledged to double them in the future.

“I say to all, both at home and abroad, the state of financial institutions is not what some are trying to picture,” he said, adding that foreign reserves increased by €832 million from July to €11.7 billion in November.

“We cannot even consider this satisfactory. In June 2010 it was €26 billion. But in July 2012 it was €11 billion,” he said.

“But with Egypt now approaching stability, and with a sense of responsibility, we will do our utmost to double it (reserves) in future,” he said.

Morsi added that the number of tourists over the past four months had doubled compared with a six-month period last year.