Russia, Egypt intend to boost proportion of payments in national currencies
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Sulaiman
- . February 2, 2023
- . Update: February 2, 2023 6:45 pm
At a news conference with the Russian foreign minister, Sergey Lavrov, on Tuesday, Egyptian foreign minister Sameh Shoukry declared that Egypt and Russia planned to raise the proportion of settlements made in national currencies.
He added, “We want to increase the volume of transactions in these currencies.” He stated, “We have long been working on developing adequate procedures that will allow us, in the spirit of greater sovereignty, to use them [national currencies] in our trading activities.”
The minister further stated that both states intend to continue working in this direction and that the parties are still engaged in a number of conversations on this matter.
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He added that Russian grain shipments to Egypt are anticipated to expand and continue. “One of the principal grain exporters to the world market is Russia. This is one of our main foods, and we anticipate continued supply “added he. The minister stated, “We seek to expand the nomenclature of trade turnover in other directions as well as not only preserve the current pace and volume of supply but even further boost them.”
Shoukry also emphasised the expansion of commerce between Egypt and Russia, which is expected to reach $6 billion in 2022. He also said that the two countries would be looking for new ways to deepen their economic connections.
