The Clap
The CBE is working on linking the Russian payment system Mir to the electronic payment network Meeza in a move that reflects the government’s interest in relying more on the rouble.
Mir
Mir is a payment system that allows countries to deal with Russian banks without the need for the “Swift” system.
Russian citizens also have the opportunity to make payments without relying on Visa and MasterCard.
Why this Matters
The Mir payment system is very important for tourism because it allows Russian tourists to pay in roubles using payment cards after Visa and MasterCard payment services stopped working in Russia due to the war with Ukraine.
In addition to that, Egypt will be able to pay for goods imported from Russia in Russian roubles, easing pressure on the dollar.
Egypt to start relying on the Russian Rouble? 🪙
