According to sporadic reports, Egypt has taken a bold and official step within the current BRICS plan to get rid of dealing in the US dollar.
According to Sada al-Balad and BRICS on X, Egypt has officially moved away from the U.S. dollar in trade, joining a growing coalition of countries seeking to reduce dependence on the dollar.
Egypt’s decision follows its acceptance into the BRICS at the 2023 summit, marking the alliance’s first expansion since 2001.
Egypt is expected to work alongside Iran, Saudi Arabia, the UAE and Ethiopia to strengthen BRICS.
The Egyptian Foreign Ministry affirmed its commitment to shifting trade towards national currencies, citing a desire to ease financial pressures associated with the use of the dollar in settlements.
BRICS: 🇪🇬 Egypt officially ditches US Dollar for trade https://t.co/lsSiqSfhlS
— BRICS (@BRICSinfo) February 15, 2024