Over time, Egypt can gradually reduce its dependence on the dollar.
Expert customs analyst, Khaled Saeed Nour El-Din, a member of the Board of Directors of the General Division of Importers at the General Union of Chambers of Commerce, emphasized the importance of Egypt's approach towards adopting local currencies in trade exchanges with India, China, and Russia.
He stressed that this move will have a positive impact on the national economy, increase the value of the Egyptian pound, and reduce reliance on dollar transactions.
Khaled Nour El-Din explained that efforts should be made to increase the use of local currencies in commercial transactions with other countries.
This can be achieved by identifying a group of goods to be exported in Egyptian pounds in exchange for importing products needed in the corresponding currency.
Over time, Egypt can gradually reduce its dependence on the dollar, especially considering that it lacks cash backing or intrinsic value.
He added that with these steady steps, gradual independence from the dollar can be achieved. This would relieve the state from the burden of providing dollars to complete trade transactions, thus alleviating the significant pressures on the Egyptian economy.
Moreover, it would put an end to the dollar's control over both domestic and external aspects of the country's economy.
He emphasized that this step would grant Egypt complete freedom in dealing with any country that accepts trade exchanges in local currencies.
He pointed out that dealing with China and India would bring immense gains to the local economy, given their status as two of the world's largest economies, capable of fulfilling the country's needs without resorting to other nations.
He further explained that Egypt has a significant opportunity to alleviate the pressure on the dollar and enhance the value of the Egyptian pound against major currencies by implementing the principle of trade exchange with East Asian countries.
These countries have gained global prominence as some of the world's fastest-growing economies. Such a move would increase the demand for the Egyptian pound, positively impacting its value against major international currencies.
The efforts to diversify currency exchanges and reduce dependence on the dollar in Egypt reflect the country's determination to strengthen its economic resilience. By fostering trade relationships with major economies like China and India, Egypt can unlock new opportunities for growth and expand its international trade network. These strategic measures align with Egypt's vision to establish itself as a key player in the global economic landscape.
