The Clap
The Russian Central Bank added a number of currencies to its list of official exchange rates against the Russian ruble, including the Egyptian pound.
What
According to one economist, the main reason for this step is to reduce dependence on the dollar for trade between the two countries.
So What
Trade between Egypt and Russia is quite significant, especially when it comes to basic commodities such as wheat. The listing of the EGP against the Russian ruble could reduce the demand for dollars required to settle export and import operations.
Now What
The Egyptian government previously showed interest in using the Russian ruble by linking the Russian payment system Mir to Meeza.
