The possibility of removing the dollar from exchanges by joining the Arab currencies to the currency basket of the Central Bank of Russia

According to the International Economic Group of Fars News Agency, the Egyptian economic analyst Hanan Ramsis in an interview with Russia Elium said the positive results of including the Egyptian pound, Qatari riyal and UAE dirham in the currency basket of the Central Bank of Russia.

Ramsis described this as a significant development in Arab-Russian relations and a victory for Arab currencies against the US dollar and said: The Central Bank of Russia has approved the addition of a group of currencies that will announce their exchange rate against the ruble and These currencies include UAE dirham, Qatari rial and Egyptian pound.

He emphasized that this action is important for the growth of Arab economies and the continued increase in the volume of commercial and economic exchanges with Russia, but the deeper and more beneficial effect on the Egyptian economy is that the transaction is with the Egyptian pound and the commercial exchange between Russia and Egypt is with two currencies.

This economic expert added: Egypt and Russia have deep friendly relations with each other since the time of Gamal Abdel Nasser, the late leader and pioneer of the industrial movement in Egypt. Russia is also one of Egypt’s strongest allies, providing Egypt with military equipment and spare parts without delay.

Ramsis said that the use of the Egyptian pound as the currency in many agreements strengthens the position of the pound and causes the dollar to lose its power and weaken its influence on the Egyptian economy; Especially since the Egyptian economy has been damaged for some time due to the instability of the exchange rate, and the World Bank and the International Monetary Fund have pressured this country to reduce the value of the Egyptian pound, which has had a negative impact on the economic situation of Egypt and caused the return of black market transactions. The instability of the exchange rate and the resulting inflation and the increase in the interest rate and its effect on inflation will increase.

After using a currency other than the dollar, the fund’s requirements will be subject to Egypt’s acceptance or rejection, a choice that did not exist before, the Egyptian economic analyst said.

The commercial exchanges between the two currencies will also deepen and increase the volume of commercial exchanges, which will benefit both Egypt and Russia, in a situation where Russia is suffering from unfair economic sanctions and Egypt has recently suffered from conditions that lead to a loss of value. pound of this country.

end of message/