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.
Billah expects the research for this proposal to be accomplished in 2024.
Figures from the Basic Authority of Statistics in Saudi Arabia present that commerce exchanges between the 2 nations amounted to $20.4 billion final yr.
Saudi Arabia has deposits with the Central Financial institution of Egypt price $10.3 billion, of which 5 billion are short-term deposits, and $5.3 billion are medium and long-term deposits, in line with the Central Financial institution’s newest report on the exterior state of affairs. of the Egyptian financial system.
Strengthening commerce change with Russia and Turkey
Russian President Vladimir Putin again in Might introduced in the course of the plenary session of the Eurasian Financial Discussion board that Russia is discussing the creation of a free zone in Egypt.
A noticeable improve has been registered within the quantity of commerce exchanges between Egypt and Russia, stated Professor of Worldwide Economics Karim al-Omda.
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.
He stated the dimensions and proximity of the 2 nations make for a really enticing and profitable funding surroundings.
The information was introduced throughout an Iftar ceremony organized by the Egyptian-Turkish Businessmen’s Affiliation, within the presence of numerous Egyptian and Turkish businessmen.
Egypt joins the BRICS
Egyptian Prime Minister Mostafa Madbouly attended the BRICS (Brazil, Russia, India, China, South Africa) summit in Johannesburg, South Africa again in August, a transfer that, in line with analysts, places the nail within the coffin of the US greenback in Egypt.
The top of Egypt’s International Affairs Council, Mohamed al-Orabi, beforehand said that Cairo plans to use to hitch the BRICS group on the group’s present summit and is relying on Russia for assist.
Information from the Central Company for Public Mobilization and Statistics (CAPMAS) reveals that the worth of Egypt’s exports to BRICS rose to $4.9 billion in 2022, up from $4.6 billion in 2021.
The worth of Egyptian imports from the BRICS nations amounted to US$26.4 billion in 2022, in comparison with US$23.6 billion in 2021.
CAPMAS information additionally confirmed a rise within the worth of commerce change between Egypt and the BRICS nations, reaching $31.2 billion in 2022, in comparison with $28.3 billion in 2021, a rise of 10.5 p.c.
Egypt and Saudi Arabia are mulling over native forex commerce
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