Egypt plans to expand use of national currencies in trade with Russia

Egypt is interested in increasing the volume of transactions with Russia in national currencies, the Foreign Minister Sameh Shoukry said.

Settlements in national currencies will make trade operations easier for economic operators, Egypt plans to develop such mutual settlements with Russia, the head of the Egyptian Foreign Ministry said at a joint press conference with his Russian counterpart Sergey Lavrov.

As Shoukry said, at present the process has just begun, a series of consultations is ahead, but the Egyptian side is aimed at further work on the introduction of settlements in national currencies with the Russian Federation.

Experts believe that ruble payments will contribute to the Egyptian economy's growth. The use of national currencies could ease the pressure on the country's economy in the face of a shortage of dollar reserves.

Earlier, the Egyptian pound depreciated by more than 84% against the dollar, it was a record currency drop.

Let us note that the launch of the Russian payment system "Mir" could have a positive effect on the Egyptian economy. The ability to pay on vacation with a Mir card would make Egypt more attractive to Russians. Currently, this issue is being discussed, and Russian tourists have the opportunity to use the Mir card in other countries.