OREANDA-NEWS Trading operations in Chinese yuan and Russian rubles will be significant for Egypt, as Egyptian specialized institutions are currently discussing these issues. The Finance Minister of the Arab Republic, Mohammed Maait, told RIA Novosti that the trade exchange in these currencies will be beneficial for Egypt's economy.

The minister explained that Egypt has commercial and economic ties with China and Russia, and they are currently discussing the use of these currencies in trade. He emphasized the importance of diversifying currencies used in international trade, stating that it can lead to significant economic benefits.

According to the minister, the BRICS countries have a diverse basket of currencies, including the Chinese yuan, Russian ruble, and UAE dirham. These currencies have become popular around the world and can provide stability and security for trade transactions.In April, Russian Foreign Minister Sergei Lavrov said that the United States and other Western countries are increasingly concerned about the work of BRICS countries to develop their own financial systems, as they realize that this could seriously challenge the current mechanisms of globalization led by the West.

Earlier in April, the Brazilian Finance Minister, Fernando Addad, told RIA Novosti that Brazil supports the use of local currencies in trade within BRICS and is currently discussing these possibilities.

The head of Russia's central bank, Elvira Nabiullina, also said that the dollar and euro have ceased to be the main currencies in Russian foreign trade, with two-thirds of export and import payments now made in national currencies. She noted that there is still much work to be done with Russia's key partners during its BRICS presidency this year.On January 1st, 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia joined the BRICS as full members, alongside Brazil, Russia, India, and China.