Elimination of 8 economic problems.. After Russia adopted the Egyptian pound

Russia announced that it had officially adopted the Egyptian pound within its approved basket of foreign currencies as a starting point for dealings between the two countries in local currencies.

The Russian ruble will be set against 9 currencies including the Egyptian pound, UAE dirham, Thai baht, Indonesian rupiah, Vietnamese dong, Serbian dinar, New Zealand dollar, Georgian lari and Qatari riyal.

A large number of Egyptians interacted after Russia announced the adoption of the Egyptian pound in the Central Bank, and its inclusion among the currencies whose exchange rate will be determined against the Russian ruble.

The number of local currencies approved by the Russian Central Bank has become 43 local currencies.

Many Egyptians hoped that China would take the same step, given that the Egyptian market is full of Chinese goods.

It can be said that the Russian decision will lead to:

• Liberation from the domination and power of the dollar and the beginning of the end to impose dollar hegemony on the Arab countries and the world.

• It affects positively the trade movement between the two countries, which amounted to more than $4.7 billion in 2021.

• Reducing the amount of pressure on the dollar currency, When Egypt, as a country that imports Russian wheat, deals with Russia in Russian rubles, not in dollars, and in parallel with China in Chinese yuan, it will reduce the amount of pressure required to provide a dollar currency for Egypt, for the possibility of import and export.

• Increasing the process of trade exchange, which in turn will achieve a balance in the trade balance for Egypt.

• Increasing the proceeds from other currencies such as the Russian ruble, the Chinese yuan and the Japanese yen instead of the dollar if Egypt expands the decision to include the Egyptian pound as an exchange currency inside China and Japan, for example.

• Revitalizing the domestic economy.

The Russian decision allows more space in global commercial transactions, and will eliminate chronic problems that were caused by linking other currencies to the dollar only, and among these problems:

1. High external debt ceiling.

2. Decrease in the value of the national currency.

3. Rising prices and increasing inflation.

4. Overcoming economic problems.

5. Making the global economy more resilient and robust.

6. Freedom from dollar control and the beginning of the end to impose dollar hegemony on Arab countries and the world.

7. This decision is positive for the Egyptian pound, and will reduce the need for dollars.

8. The use of the ruble and the pound in commercial transactions instead of the dollar.