Egypt is currently working to strengthen its faltering economy, which has been hampered by a sharp decrease in tourism receipts and an increase in commodity prices. According to reports, international investors have withdrawn $20 billion from
Egypt's financial markets as a result of global geopolitical unrest.
Egypt intends to stop using the US currency in trade with a number of BRICS nations, the North African nation's Supply Minister Ali Moselhy has reportedly said.
According to Moselhy, Egypt is looking to utilize local currencies to pay for goods from important BRICS nations, including Brazil, South Africa, and Russia, China, and India.
"Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China," Moselhy stated.
Transitional President of the Burkina Faso, Ibrahim Traore and President of BRICS International Alliance of Strategic Projects,
The country has seen a substantial increase in inflation over the past year as a result of repeated rounds of currency devaluations, a protracted foreign currency shortage, and ongoing delays in obtaining imports, reports say.
Nearly a third of the globe's GDP and 40% of the world’s population are represented by the BRICS group. Recently, the G7 fell behind the bloc's members in terms of economic development, the International Monetary Fund stated.
By now, 19 nations have shown interest in joining BRICS. The organization is preparing for its 15th annual summit, which will take place in South Africa from August 22 to 24.
Among the nations that have formally asked to join are Algeria, Argentina, Bahrain, Egypt, the United Arab Emirates, Indonesia, Saudi Arabia, and Iran.
