Egypt is going to apply the experience of switching to the use of national currencies in transactions with Beijing and New Delhi, by analogy with successful cooperation with the Russian Federation, the country’s Ministry of Supply said.
The issue of transferring commercial relations to a different financial format is already at the stage of active development.
“Cooperation between Egypt and Russia in national currencies is open, and everyone supports it. To complete this issue, it is first necessary to establish a link between the central banks of the two countries. From a technical point of view, this issue is progressing well.”
The key demand for export from Russia is grain. Last spring, the Russian Ministry of Agriculture announced plans to actively discuss with the countries of the Middle East and North Africa the possibility of switching to ruble payment schemes for grain supplies, as well as excluding EU banks from this scheme.
The transcontinental state decided to abandon the peg of the national currency to the dollar. According to the authorities, the dissemination of new calculations will contribute to the formation of more favorable conditions for millions of Russian citizens who annually relax in Egyptian resorts. Moreover, such a step will open up new large-scale horizons for trade and investment cooperation between countries, and at the same time will reduce dependence on the situation on world markets.
Russian grain plays a critical role for Egypt – the country is extremely afraid of a severe food collapse due to the rise in grain prices. The country was on the verge of a food disaster. According to the Ministry of Internal Trade of the country, the remaining stocks of wheat will cover the domestic demand for grain products for no more than 4.5 months. According to experts, given the objectively existing socio-economic problems, unnecessary spending on the “food front” would be fundamentally disastrous for the country’s leadership.
Due to censorship and blocking of all media and alternative views, stay tuned to our Telegram channel