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“Businessmen”: Evaluating the pound against the ruble in favor of the Egyptian and Russian economies


Eng. Ali Abdel Qader, a member of the Board of Directors of the Egyptian Exporters Association and Vice-Chairman of the Export Committee of the Businessmen Association, said that the adoption of the Egyptian pound in the basket of foreign currencies approved by the Russian Central Bank, which accepts payments and commercial operations, is a pivotal point in the interest of the economy and trade of the two countries.

Abdul Qadir explained, in press statements, that Russia’s supreme strategic interest, in light of Western and American sanctions, is to ensure supply chains for the needs of the Russian people, and on the other hand, a focal point for the Egyptian economy because it allows Egyptian goods and Egyptian products to enter Russian markets without being restricted by currency conversion. foreign dollar.

A member of the Board of Directors of the Egyptian Exporters Association affirmed that the Egyptian pound’s equation with the ruble is a win for both parties, and work must be done on it quickly, and a study of the Russian market’s needs for all goods, services and logistics should be conducted within Egypt’s export map.

And he called for the need to achieve the greatest benefit for Egypt from Russia’s adoption of the Egyptian pound, by organizing trade missions to identify the needs of the Russian market and determine the appropriate Egyptian products for it, and at the same time attract and bring in Russian companies in the fields distinguished by Egypt to make visits to Egyptian factories and various fields and production capacities. To meet the needs of the Russian market, whether in terms of commodities, raw materials or tourism.

Abdel Qader considered that the exchange of local currencies in commercial transactions is a beneficial agreement for both parties, and its impact on the Egyptian market is positive, as the Egyptian market in all cases needs certain products and commodities from Russia that it cannot currently import from Russia or alternative markets with Western and American sanctions against Russia as well as the dollar crisis. He added, “The decision is also beneficial for export, as it will depend on the evaluation of the Egyptian pound in relation to the Russian ruble, thus benefiting all parties.”

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