The Russian Central Bank supports the Egyptian pound against the dollar

The decision of the Russian Central Bank to include the Egyptian pound in the list of currencies whose exchange rate is officially determined daily, raised an atmosphere of optimism in Egypt, especially in the commercial circles, given that the decision will have “a great positive impact on the trade movement between the two countries, as well as on the exchange rate of the dollar against the Egyptian pound.” , which has been causing a crisis in Egypt for quite some time,” according to a member of the Board of Directors of the Importers Division of the Federation of Egyptian Chambers of Commerce, Ahmed Shiha.

In addition to the Egyptian pound, the decision of the Russian Central Bank included other currencies, including the UAE dirham, the Indonesian rupee and the Thai baht. The first exchange rate for the Russian ruble against the Egyptian pound after the decision was issued was 0.43 piasters.

The decision to adopt the Egyptian pound within the basket of currencies whose price is officially determined in Russia means that the current exchange balance between the two countries will be dealt with according to the pound and the ruble, and not in dollars as it was in the past, and this will relieve pressure on the dollar in Egypt in a way that makes its price in the future a true reflection of its value. The pound, and not at the current exaggerated value, which makes it, due to the crisis, at two prices in the official market and the parallel market.

Egypt imports from Russia a number of commodities and products, including wheat, meat, some bean and soy products, and some inputs that go into the petroleum industries. The volume of Egypt's imports from Russia annually approaches $7.5 billion, while Egyptian exports to it represent nearly $2 billion.

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