World Courant
Egypt and Saudi Arabia are contemplating the potential of utilizing native currencies in a few of their currencies commerce change In keeping with the Head of the Business Consultant Authority of the Egyptian Ministry of Commerce and Trade, Yahya Al-Wathiq Billah, the approaching interval will Asharq Enterprise reviews this.
Billah’s statements got here on the sidelines of a go to to Cairo by a Saudi delegation led by Commerce Minister Majid Abdullah Al-Qasabi, which included many Saudi businessmen.
He added that “the Saudi Minister of Commerce has submitted a proposal to debate the potential of paying for a part of commerce transactions in native forex,” and that the proposal can be topic to discussions among the many central banks of the 2 nations.
He famous that Egypt’s imports from Russia amounted to greater than $3 billion in 2021. This share had elevated considerably by 2022, he added.
In 2021, he famous that Russia was Egypt’s sixth largest provider nation, after China, Saudi Arabia, the US, Germany and Turkey.
The Chargé d’Affaires of the Turkish Embassy in Egypt, Ambassador Salih Mutlu Şen stated he expects the commerce quantity between Egypt and Turkey to achieve $20 billion within the coming years.