Egypt officially ditches US dollar for trade

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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