At the BRICS summit in 2023, Egypt joined four other countries – Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates – in becoming new members of the BRICS alliance. This major shift reflects a growing trend of countries moving away from the US Dollar and towards alternative currencies.
Egypt’s Ministry of Foreign Affairs announced its intention to move away from the US Dollar this week, citing the high cost of using foreign currencies for trade settlements. The country plans to work with its trading partners to promote the use of national currencies in order to reduce this burden and promote economic stability.
Egypt’s decision to move away from the US Dollar is a response to the global economic shifts that have occurred in recent years, including the economic crises that have affected many countries. The country believes that this decision is necessary to protect its economy and ensure its stability in the face of these ongoing challenges.