Egypt schedules to comprise a Paradigm shift away from the US dollar toward Egypt’s Monies…settling Trade with other BRICS Nations

By Abdul Rahman Bangura-

Egyptian Pounds
Photo Credit: leftovercurrency.com

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Utilizing the Egyptian currencies will promote the rising costs of the utilization of foreign currencies as a result of high global inflation, Egypt’s Ministry of Foreign Affairs remarked, referencing Ragy El Etreby – Egypt’s newly appointed Ambassador to BRICS, who equally serves as Assistant Foreign Minister for International and Regional Economic Affairs.

The statement exemplifies another move in the direction of de-dollarization being pursued by BRICS, a group of emerging economies that lastly comprised Brazil, Russia, India, China, and South Africa but was extended at the beginning of 2024 to incorporate a retinue of five, Egypt inclusively.

Data from 2022 and 2023 represents that Egypt’s trade turnover with BRICS members – both founding and new – calculated to $46.673 billion, which is more than a third of the Egypt’s total foreign trade.

The multinational trend toward utilizing national currencies in trade instead of the US dollar gained importance momentum after Russia was cut off from the Western financial system and had its foreign reserves frozen in 2022.

The BRICS nations are actively bolstering the use of national currencies in mutual trade and have even signaled the chances of introducing a fresh single trade currency at the next summit in August. While such a currency is still a work in progress, some Western officials have showed interest that, the newly enlarged BRICS, which in addendum to Egypt, now same incorporates Saudi Arabia, Iran, Ethiopia, and the United Arab Emirates, has the power to topple the US dollar’s dominance even without its own currency.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent