BRICS members Russia and Egypt were recently in talks as Russian President Vladimir Putin and Egyptian President Abdel Fattah al-Sisi reviewed agendas on the phone. During those talks, President al-Sisi shared his support for the newly re-nominated Russian leader and discussed multiple mutually beneficial projects. Among those plans, the new BRICS nation Egypt will look to ditch the US dollar in 2024 completely.
Egypt was one of five nations to accept an invitation to join the BRICS alliance at its 2023 summit. Subsequently, it has already firmly embraced its shift to local currency trade, ditching the US dollar. In the latest talks, the Egyptian President reinforced the country’s plan to follow Russia’s de-dollarization efforts.
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Furthermore, Abdel Fattah al-Sisi assured that given its full membership in BRICS, Egypt would actively participate in the events organized by the Russian presidency. Egypt has worked to urge countries it trades with in national currencies to lessen the burden of the rising cost of utilizing foreign currencies for settlements.
Following what happened to Russia following its invasion of Ukraine, every BRICS country is looking to maneuver around potential Western sanctions. The United States economy and rising debt are not the most calming statistics for countries that rely on the currency. Therefore, the transition to local currency dependence is the best route for all emerging countries and global economic health.
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Egypt once relied heavily on the greenback. However, after joining BRICS, Egypt is now looking to completely part ways with the US Dollar in 2024. Under the wing of Russia, the country will continue developing plans under the BRICS alliance further to support de-dollarization among the bloc and interested nations.
