Egyptian media reported on Sunday that the government has moved to completely ditch the US dollar in trade, joining a growing coalition of developing economies that seek to reduce their dependence on the greenback.
Egypt was one of the six countries -- along with Iran, Saudi Arabia, Argentina, Ethiopia, and the United Arab Emirates -- to accept an invitation to join BRICS at the bloc's summit in 2023.
The alliance, established as a counterweight to the West’s dominance over the global finance, is determined to create a common currency for trade and move away from the US dollar, a process known as de-dollarization.
The Egyptian Foreign Ministry has recently reiterated that Cairo is committed to using local currencies in trade transactions in an attempt to reduce the financial pressure associated with the dollar.
The dollar, the world’s principal reserve currency since the end of World War II, is estimated to be used in more that 80 percent of international trade.
Washington stands accused of using the dollar as a lever to exert pressure on independent countries.
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