Egypt has formally abandoned the use of the US Dollar in its trade activities. This decision follows the country’s acceptance of an invitation to join BRICS at the 2023 summit, where other participating nations include Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
The Ministry of Foreign Affairs in Egypt publicly announced its intention to distance itself from the US dollar in trade earlier this week. Egypt has assured that it will actively encourage its trading partners to use national currencies, thereby reducing the impact of escalating costs associated with using foreign currencies for settlements.
Additionally, Egypt attributed this decision to a global economic shift, specifically pointing to the “international crises over the past four years” as a significant factor influencing this strategic move.
