Russia’s steps relieve pressure with $5 billion in Egypt

Russia’s steps relieve pressure with $5 billion in Egypt
Russia’s steps relieve pressure with $5 billion in Egypt
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Banking expert Sahar El-Damati said, in an interview with Al-Arabiya, that the inclusion of the “Russian Central” the Egyptian pound in currency exchange rates, and the activation of the mechanism for accepting payments for grain export deals in rubles, is a positive step as it contributes to relieving pressure on the dollar locally.

She added that this step contributes to strengthening trade exchange between Egypt and Russia, which amounted to $4.7 billion in 2021.

She explained that mechanisms are currently being studied for these mutual settlements between Egypt and Russia.

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She pointed out that this step will include the entire trade system between the two countries, as Egypt imports, in addition to grain, the most important of which is wheat, many production requirements for the industry, adding: “Russian tourism represents 15-20% of the total number of incoming tourism to Egypt.”

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With regard to exchange rates in Egypt, El-Damaty said that the application of the flexible exchange rate for the Egyptian pound, along with raising interest rates, contributed to the beginning of the return of foreign investment to the local market, and the issuance of 25% savings certificates prompted many individuals to give up the dollar to take advantage of the high interest, which is what Help save the dollar.

And she continued: “We will start to see stability in the local currency, after the acquisition deals in the Egyptian Stock Exchange and the increase in remittances of Egyptians abroad, the disappearance of the black market, and the end of the crisis of accumulation of goods in Egyptian ports, which amounted to 14.5 billion dollars.”

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