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Egypt, Saudi Arabia consider trade exchange in local currencies

Egypt and Saudi Arabia are considering the use of local currencies in trade exchange, said Yehia El-Watheq Bellah.
21.11.23 | Source: Ahram Online

The central banks of the two countries will discuss the proposal, he added.

In an interview with Asharq Business, he noted that studying the proposal could end next year. 

Egypt and Saudi Arabia are preparing to sign agreements worth $1.5 billion at the upcoming Egyptian-Saudi Business Forum scheduled in Cairo on 20 November, Turki Al-Hokair, a member of the Egyptian-Saudi Business Council said on Saturday.

Trade exchange between the two countries surged by 23 percent to $5.655 billion in 2022, up from $4.572 billion in 2021, said Egyptian Minister of Trade Ahmed Samir.

Egypt and Saudi Arabia are both new members of the BRICS bloc, which allows conducting trade in local currencies and sealing debt swap agreements.

In October, the ECS head announced that Egypt and Turkey, which is not a BRICS member, are probing a similar proposal.