Egypt dealings with China and India in local currencies

Egypt is studying commercial dealings with China and India in local currencies, similar to dealing with Russia in the ruble and the pound.

Minister of Supply, Ali Moselhy, said, "China has the yuan and Egypt has the pound, or India has the rupee and Egypt have the pound.

Increase economic exchange

 Ali Moselhy explained that, this is a good direction and works to increase economic exchange between Egypt and China, and between Egypt and India. 

He revealed that the dealings between Egypt and Russia in local currencies are going well, 

He added Everyone supports that, and the technical linkage between the two central banks is going well, which benefits the volume of trade exchange.

India refuses to deal in the yuan

In previse time India has asked banks and merchants to avoid using the Chinese yuan to pay for Russian imports due to long-running political differences with China.

India prefers dealing with Emirati dirhams

India prefers to use the UAE dirham to settle trade deals with Russia, which has become the largest buyer of Russian oil.

Erode the dollar's

This shift indicates that US-led international sanctions against Russia are beginning to erode the dollar's decades-old dominance, as most oil deals between India and Russia are settled in other currencies.

according to Reuters, After Western countries imposed a ceiling on oil prices on Russia on December 5, Indian customers paid for most of the Russian oil in currencies other than dollars, the most important of which was the UAE dirham.

The G7 economies, the European Union and Australia, agreed on a price cap late last year to prevent Western shipping services from trading Russian oil unless it was sold at a forced low price to starve Moscow of cash.

But continuing to pay in dirhams for Russian oil could become more difficult after last month the United States and Britain added Moscow and the Abu Dhabi-based Russian bank MTS to Russian financial institutions on the sanctions list.