Russia Adds the Egyptian Pound to its Exchange Rate List: What Does This Mean?

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Russia Provides the Egyptian Pound to its Trade Fee Checklist: What Does This Imply?

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In a shock transfer from the Russian Central Financial institution on Wednesday January 18, the Egyptian pound was added to the Russian change price checklist, the Russian Embassy in Egypt introduced.

Egyptian economists praised this determination, describing it as a “constructive step” for the ailing Egyptian pound.

Previous to this determination, Egyptian imports from Russia traded utilizing the US greenback. This transfer will increase reliance on each native currencies and reduces demand for the US greenback in each nations.

Not solely will this determination enable Egypt to import from Russia in Egyptian kilos, it can additionally enable Egyptians who journey to Russia to have the ability to change their cash from Egyptian kilos to Russian rubles. This reduces dependence on US greenback reserves since Egypt has been combating a scarcity within the overseas foreign money for the previous few months.

In line with Egyptian economist Tarek Metwally, this step may contribute to boosting tourism in Egypt. Since potential Russian vacationers have been struggling to amass US dollars, fewer of them have been visiting Egyptian resorts, the place the US greenback is often the foreign money utilized by vacationers. Now that this determination has been made, Russian vacationers is not going to have to rely upon the US greenback as they’ll change to EGP earlier than touring.

Except for the Egyptian pound, Russia additionally added the Thai baht, the Vietnamese dong, the Serbian dinar, the New Zealand greenback, the Georgian lari, the Indonesian rupiah, the UAE dirham, and the Qatari riyal, to its change price checklist.

In line with the United Nations Comtrade database on worldwide commerce, Egyptian imports from Russia totalled almost USD 2.48 in 2021.

Egypt and Russia have a protracted historical past of strategic ties and mutual cooperation in a number of fields. Egypt is Russia’s greatest wheat purchaser, and in 2022, it was the second hottest vacation vacation spot for Russians.

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Russia Adds the Egyptian Pound to its Exchange Rate List: What Does This Mean?

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