Egypt has officially stopped the US Dollar in trade.
The country was one of five countries to accept an invitation to join BRICS at its 2023 summit. Other countries are Ethiopia, Iran, Saudi Arabia and the United Arab Emirates,
Subsequently, Egypt expressed its desire to move away from the US dollar in trade.
Egypt’s Ministry of Foreign Affairs stated this earlier this week. The country said it will work hard to ensure countries it trades with in national currencies will lessen the burden of the rising cost of utilizing foreign currencies for settlements and businesses.
Also, the country said that the decision was a result of a global economic shift. They noted the “international crises over the past four years,” as a major reason for its decision.
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