Egypt dumps the American Dollar

Egypt has announced its departure from the US dollar in trade transactions. The decision comes on the heels of the country’s acceptance into the BRICS alliance during the 2023 summit, where it joined Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates as new members.

The Egyptian Ministry of Foreign Affairs made the announcement earlier this week, expressing its intention to transition away from the US dollar in international trade dealings.

The ministry emphasized its commitment to encouraging trading partners to conduct transactions in national currencies, thereby alleviating the financial strain associated with using foreign currencies for settlements.

Citing the evolving global economic landscape, Egypt attributed its decision to a series of international crises that have unfolded over the past four years. This shift marks a strategic response to changing geopolitical realities and aims to position Egypt more advantageously amid ongoing economic uncertainties.

The move underscores Egypt’s proactive stance in adapting to emerging economic trends and aligning its trade policies with the evolving dynamics of the international market.