Egypt, Turkey probing trade in local currencies: Official

Both countries agreed in principle to trade partly in local currencies, which would range between 25 to 30 percent of the total bilateral trade, he added.

"This step aims to reduce the demand for the US dollar, as Egypt and Turkey suffer from a shortage of foreign currencies," he highlighted in an interview with Ashraq Business.

Egypt aims to increase bilateral trade with Turkey to $15 billion over the next five years, Minister of Trade and Industry Ahmed Samir said in August.

Bilateral trade between the two countries reached $7.7 billion in 2022, an increase of 14 percent from $6.7 billion the year before.

Moreover, Egypt's exports to Turkey grew by 32.3 percent reaching $4 billion in 2022 from $3 billion in 2021, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).

Additionally, Turkish investments in Egypt rose by 30.3 percent during FY2021/22, amounting to $179.9 million, against $138.1 million in the previous fiscal year.

Although Egypt’s net international reserves (NIRs)s have been hit hard since 2022, they rose to $34.97 billion in September, their highest level in 16 months.