Economic expert Ibrahim Nawar confirmed that the Russian Central Bank’s inclusion of the Egyptian pound in the Russian exchange rate bulletin is a move that supports the Egyptian economy and that there is no reason for Egypt to buy Russian wheat in dollars.
Ibrahim Nawar added in a statement to RT that the Russian Central Bank’s announcement of the inclusion of the Egyptian pound as a convertible currency represents a qualitative shift towards the creation of a multilateral monetary system based on strong gold reserves in Russia and China in particular. , in addition to the strength of the three major currencies that have joined the system. The new exchanges are the Qatari rial, the Vietnamese dong and the New Zealand dollar.
He stated that the new Russian payment system includes other currencies such as the Emirati dirham and the Indonesian rupiah, as well as direct exchanges between the Russian ruble, the Indian rupee and the Iranian toman.
And he added that it is possible to expand the system by including the currencies of the BRICS countries.
And about the impact of the decision on Egypt, he said: “For Egypt, this decision represents a breakthrough in terms of import operations, which are concentrated in ports, and it will also help secure many of the strategic goods that Egypt imports. , especially wheat, without putting pressure on the dollar and reducing the need for it, as there is no logic.” That Egypt pays Russia for wheat in dollars, and the US Central Bank imposes sanctions will not be able to use its export earnings except in currencies other than the dollar, since Russia was removed from the Swift system for financial transfers.
The decision also helps to settle Russian tourist payments in Egypt, increases domestic trade and boosts direct and indirect investment, he said.
He explained that this could boost transactions between the business and industrial sectors in countries that have benefited from the expansion of the Russian monetary system, which the Central Bank of Russia decided to expand to include the currencies of Egypt, Qatar, Vietnam, Georgia, Serbia and New Zealand.
He concluded by saying that the decision of the Central Bank of Russia represents a bold step towards the creation of a new multilateral monetary system in the future, especially since these countries can use the Chinese yuan in multilateral transactions, including each of them with Russia and China.
It is worth noting that the initial value of the Russian ruble today is 43 piastres of the Egyptian pound.
RT – Cairo – Nasser Hatem