Ahmad 
The Egyptian Minister of Finance, Mohamed Maait, said that the BRICS countries are considering relying on local currencies in trade and financial settlements between member states.
Maait pointed out in remarks published by the Russian agency “Sputnik”, to the interest of the member states of the gathering to move in this direction, and Egypt is also accused, like China, Russia, India, and the rest of the member states, stressing that the process of diversifying the currencies used among member states will have a good economic return, instead of relying on one currency, and we aim to have a basket of currencies in trade and settlements.
The Egyptian Minister of Finance added that this gathering (BRICS) includes a number of countries with common goals and has strong economies and a large population weight such as China, Russia, India and South Africa, “the strength of the gathering also increased after the accession of Egypt, the UAE, Saudi Arabia and Ethiopia and there are other countries on the way,” stressing that this gathering has a strong future and an important global situation and with the days it will be equal to the Group of Twenty, which began in the same way and then evolved.
“We studied in our recent meeting in Brazil the approximation of customs legislation,” the Egyptian minister said, adding that the group’s decision to establish the new development bank, which Egypt has joined, will provide financing for infrastructure projects.
On the extent to which Egypt benefits from the exchange of trade in the local currencies of member states, the Minister of Finance said, “Egypt is certainly not the only one interested, there is Russian, Chinese and Indian interest as well, and we discussed this in detail in our ministerial meetings in Brazil recently, as trade exchange in Chinese yuan or Russian ruble will be important for Egypt.”
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