The decision to include the Egyptian pound in the list of foreign currencies, whose exchange rates against the ruble are set by the Bank of Russia, caused a positive reaction in Egypt, the Al-Ahram newspaper reported.
The inclusion of the Egyptian pound in the list of foreign currencies, whose exchange rates against the ruble are set by the Bank of Russia, caused a positive reaction in Egypt, it is an important step towards the use of the ruble in settlements between Cairo and Moscow and will become an additional incentive for the development of bilateral trade relations.
This opinion was expressed on Friday by the economic observer of the largest Egyptian newspaper Al-Ahram Ahmed Musa. "The decision of the Central Bank of the Russian Federation to include the Egyptian pound in the list of currencies, the official exchange rates of which against the ruble are set by the Bank of Russia, caused a positive reaction both among the population of Egypt and among representatives of Egyptian business, including investment," Musa said. In this regard, he believes that "the time has come to break the dominance of the dollar over imports to Egypt, which is about $ 80 billion a year." “This dependence on the US currency, along with the consequences of the coronavirus pandemic and the conflict in Ukraine, has led to the current economic crisis, increased inflationary processes and rising prices in many countries, including Egypt,” Al-Ahram commentator explained.
Musa recalled that the Egyptian government had previously reported exploring alternatives to facilitate trade with Russia, given the fact that the Russian Federation "is one of the main countries on which Cairo depends in terms of grain purchases, especially wheat, and the total trade turnover between Cairo and Moscow is about $8 billion." "Egyptian travel companies took the decision of the Central Bank of the Russian Federation with particular enthusiasm," - says the observer.
According to him, the decision of the Central Bank of the Russian Federation "will have positive consequences and will be a step forward towards the wider use of the Russian ruble in trade with Moscow, which will increase trade between the two countries and attract more tourists from Russia." “Many states are choosing a course to abandon dollar hegemony and economic pressure from the United States, a trend led by Russia, China, as well as India, South Africa and Brazil.
The block of these countries (BRICS - TASS note) is now expanding, striving to form a multipolar world order and will have a great influence after the end of the conflict in Ukraine," Musa said. He said that countries such as Egypt, Saudi Arabia and Turkey are discussing about possible accession to this alliance.
