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Egypt showing interest in abandoning dollar, euro in mutual settlements — Russian envoy

Egyptian experts admit that the use of national currencies would be in Egypt’s interest "as it is facing a notable shortage of hard currency now," Georgy Borisenko said

MOSCOW, June 14. /TASS/. Egypt is showing interest in the possibility of abandoning the dollar and the euro in mutual settlements and shifting to national currencies, Russian Ambassador to Cairo Georgy Borisenko said in an interview with TASS.

"Egypt is showing a keen interest in the possibilities of shifting in settlements in mutual trade to national currencies and other alternative currencies other than the dollar, euro and other currencies of Western countries as our Egyptian partners see very well that Western currencies have become really unsecure and their use is fraught with payments being blocked in American and European banks," the diplomat said.

Egyptian experts admit that the use of national currencies would be in Egypt’s interest "as it is facing a notable shortage of hard currency now," he added. "That is why the shift in payments to national currencies in our grain trade would be more adequate for both sides," Borisenko noted.

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