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Transition to national currencies to boost Russia-Egypt trade — Egyptian Foreign Ministry

February 27, 2015, 16:51 UTC+3 MOSCOW

The Egyprian foreign minister says the issue is being studied very seriously and is believed to be able to raise the level of trade between the two countries

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Egyptian Foreign Minister Sameh Shukri

Egyptian Foreign Minister Sameh Shukri

© AP Photo/Pavel Golovkin

MOSCOW, February 27. /TASS/. The transition to settlements between Russia and Egypt in national currencies will help boost bilateral trade, Egyptian Foreign Minister Sameh Shukri said in an interview with Russia’s Rossiya-24 TV Channel on Friday.

"I believe this proposal can serve as an impulse for developing Egyptian-Russian trade and economic cooperation," the minister said.

"We’re studying it very seriously. We believe it can raise the level of trade between our countries," he added.

Egypt stands for expanding the existing close ties with Russia, the foreign minister said, praising "Russia’s contribution to Egypt’s industrial development in the 1960s, which remains the basis for developing our relationships."

Egypt and Russia should look for new areas to develop bilateral economic ties, the Egyptian foreign minister said.

"Trade in the currencies of our countries is one such area. It will provide an advantage, considering difficulties, which Egypt is experiencing with regard to hard currency. I believe this initiative will remove some difficulties and help create a better environment for cooperation," the Egyptian foreign minister said.

The head of the Egyptian Foreign Ministry also said he did not rule out that Egypt’s government would stimulate ruble settlements in the tourist industry.

"I believe this is all possible, if this benefits our countries and is useful for developing relationships between them. We’re glad to receive a large number of Russian tourists," the Egyptian foreign minister said, adding the central banks of Russia and Egypt "will carefully study and assess this proposal from the viewpoint of its significance and the beneficial nature of this form of trade exchange."

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