President of the Qalyubi Chamber of Commerce explains the importance of switching to the Egyptian pound in Russia

The head of the Qalyubia Chamber of Commerce, Mohamed Attia Al-Fayumi, confirmed that the adoption of the pound sterling as the official currency in Russia relieves pressure on the dollar, especially for imports to Egypt, whether from Russia or any other country.

Al-Fayoumi added that Russia’s decision to accept the Egyptian pound as the currency at the Central Bank is “an important step that will increase trade exchange and have a big impact on global pound transactions.”

The head of the Qalyubia Chamber of Commerce and Industry explained that the decision to accept the pound sterling in the Central Bank will increase Egypt’s exports to Russia, reduce the cost of imports from Russia and make it possible to pay debts in Egyptian pounds instead of dollars.

It is noteworthy that in the first 10 months of 2022, the value of Egyptian imports from Russia amounted to about $3.1 billion, while the value of Egyptian exports to Russia was about $510.5 million, according to data from the Central Agency for Public Mobilization and Statistics.

In this regard, Fayumi pointed out that after the decision of the Central Bank of Russia, any Egyptian importer from Russia can pay the transaction price in Egyptian pounds or in Russian rubles, in accordance with the price set by the Central Bank of the Russian Federation for the pound and ruble.

He stressed that this step helps to reduce dependence on the dollar in import transactions, which contributes to the support of Egypt’s gold and foreign exchange reserves.

Al-Fayumi urged to apply the Russian experience to the Chinese yuan, especially since China is one of the countries that export the most to Egypt.

Source: Egyptian media.

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