HomeNewsNewsCan Egypt adopt the Russian ruble instead of the US dollar?

Can Egypt adopt the Russian ruble instead of the US dollar?

Yaman al-Hamaki, Professor of Economics at Ain Shams University, commented the possibility of using, beside the US dollar, in Egypt, the Russian ruble.

Hamaky said, during a telephone interview on the “Hadrat al-Mowaten” program, which is shown on Al-Hadath Al-Youm channel, Monday, that Egypt has mechanisms in international economic transactions that can greatly help it in facilitating exchange and benefiting from the current conditions.

She explained that China was the first to take this path, as it developed currency exchange agreements between  all of its partners in Asia to purchase raw materials from them. 

She referred to the currency exchange agreement between Egypt and China, explaining: “The exchange of currencies with China is through the use of the two currencies, the Chinese yuan with the Egyptian pound, in a certain volume of exchange and funds and through an intermediary to determine the value of the yuan in…

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