CAIRO - Egypt's Islamist president used his first address before the newly convened upper house of parliament on Saturday to warn against any unrest that could harm the country's battered economy, as he renewed calls for the opposition to join in a national dialogue.

In the nationally televised speech, Mohammed Morsi said the nation's entire efforts should be focused on "production, work, seriousness and effort" now that a new constitution came into effect last week. He blamed protests and violence the past month for causing further damage to an economy already deteriorating from the turmoil since the fall of autocrat Hosni Mubarak early last year.

In an alarm bell over the economy, the central bank announced soon after Morsi's speech that foreign currency reserves - which have been bleeding away for nearly two years - are at a "critical" level, the minimum needed to cover foreign debt payments and buy strategic imports.

Morsi's strongly worded address to lawmakers appeared aimed at sending a message to the mainly liberal and secular opposition not to engage in any new protests, depicting unrest as a threat to the priority of rebuilding.

All sides must "realize the needs of the moment" and work only through "mature democracy while avoiding violence," Morsi told the 270-member upper house, or Shura Council. "We condemn and reject all forms of violence by individuals, groups, institutions, and even from the nation and its government. This is completely rejected."

He appeared to chide the opposition for not working with him.

"We all know the interests of the nation," he said. "Would any of us be happy if the nation goes bankrupt? I don't doubt anyone's intentions. But can anyone here be happy if the nation is exposed to economic weakness?"

The mainly liberal and secular opposition accuses Morsi of concentrating all power on the Muslim Brotherhood, from which he hails.