El-Sisi urges BRICS to embrace local currencies

Egyptian President Abdel Fattah El-Sisi has urged BRICS nations to expand the use of local currencies in trade and financial dealings, stressing that deeper economic cooperation is key to reducing dependence on foreign currencies and building greater financial resilience.

Delivering a virtual address to the extraordinary BRICS summit, El-Sisi outlined five strategic priorities he believes are crucial for navigating today’s global challenges.

At the forefront, he called for the launch of joint projects in high-impact sectors such as renewable energy, advanced technologies, and artificial intelligence. Such initiatives, he said, would not only drive innovation but also bolster the collective economic strength of member states.

A central theme of his speech was the settlement of trade and financial transactions in national currencies. El-Sisi described this as a critical step to ease cross-border trade, expand financing opportunities, and shield economies from the volatility of global currency markets. He pointed to the New Development Bank as a key platform for supporting this transition.