Egypt to adopt Russian Mir payment system

Starting later this month, the Russian ruble will be on the list of currencies used by Egyptian banks and be used by tourism companies and hotels in a bid to boost Russian tourism in Egypt, an Egyptian Central Bank official told Al-Monitor.

The news comes as the European Union considers banning Russian tourists in response to the Russian invasion of Ukraine.

A source at the Central Bank of Egypt told Al-Monitor on condition of anonymity that the bank, in cooperation with the Egyptian Ministry of Finance, will allow banks across Egypt to access the Russian Mir payment card system later in September. He noted that the decision aims at boosting Russian tourism in Egypt and enhance trade relations between the two countries.