Russia, Egypt to shift to mutual settlements in national currencies
Moreover, the current Russia’s surplus in mutual trade may trigger the growth of demand for rubles from the side of Egypt
Russia and Egypt should shift to using national currencies in mutual settlements in a move to get rid of dependence on the dollar, experts from the National Research University Higher School of Economics (HSE) said in a report dubbed ‘Russia and Egypt: Cooperation Trajectory’.
“An important task for coming years and even months is to search for ways of improving the system of mutual settlements, to shift to using national currencies and other payment units in settlements, to withdraw from dependence on the dollar in trade,” the report said.
Such work requires joint efforts of exporters, importers, banks and regulators, the opening of correspondent accounts of Russian banks in Egypt and vice versa, experts noted.
Moreover, the current Russia’s surplus in mutual trade may trigger the growth of demand for rubles from the side of Egypt, as well as accumulation of Egyptian pounds by Russian exporters. “In turn, those funds may be used for investing in joint projects in Egypt,” experts added.
