Friday, February 16, 2024 – Egypt has officially ditched the US Dollar in trade.
The country was one of five nations to accept an invitation
to join BRICS at its 2023 summit.
Other nations are Ethiopia, Iran, Saudi Arabia and the
United Arab Emirates,
Subsequently, Egypt expressed its desire to move away from
the US dollar in trade.
Egypt’s Ministry of Foreign Affairs stated its intention
earlier this week. The country assured that it will work to urge countries it
trades with in national currencies to lessen the burden of the rising cost of
utilizing foreign currencies for settlements.
Furthermore, the country said that the decision was a result
of a global economic shift. They noted the “international crises over the past
four years,” as a major development in its decision.
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