Egyptian Business Association plans switch from dollar to ruble in trade with Russia

The Egyptian Businessmen Association (EBA) is set to submit a proposal to the government to open RUB banking accounts for exporters to Russia, Arab Business reports citing Borsa News.
The proposal, EBA Chairman Ali Issa told Borsa News, will be presented to all government authorities including the Cabinet and the Central Bank of Egypt (CBE).
Issa also added that proposal aims to curb Egyptian companies’ demand on the dollar and will boost trade between Egypt and Russia on the short term.
The move comes amid US-led economic sanctions against Russia for the invasion of Ukraine.
Egypt has not taken side in the conflict which is into its second month.
Egypt’s exports to Russia grew 17.5% to stand at $449.5 million in the first 11 months of 2021, from $382.5 million during the same period in 2020, per data compiled by the Central Agency for Public Mobilization and Statistics (CAPMAS).

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