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Egypt Considers Using Local Currency in Trade with China, India, and Russia

Sun 30 Apr 2023 | 05:36 AM
Taarek Refaat

Ali Al-Moselhi, Minister of Supply  said that the ministry is currently studying the adoption of the local currency in its commercial transactions with India, China and Russia.

He pointed out during the press conference that until this moment no serious measures have been taken, as the matter is up to central and commercial banks.

He stressed that this is the general direction of the government in order to reduce pressure and demand for the dollar, adding that Egypt, within the framework of diversifying its import sources of wheat, has approved, in cooperation with the Ministry of Agriculture, 22 origins.

He pointed out that during the first 6 months of the Russian-Ukrainian crisis, there was difficulty in supplying wheat across the Black Sea, and therefore France, Romania, Bulgaria and Germany entered as suppliers.

Whereas, after the United Nations agreement on safe passages, wheat supplies began from Russia and Ukraine.