In a statement to Reuters, Egyptian Supply Minister Ali Moselhy told the outlet on Monday the country is planning to trade in local currencies with India, China, Russia for imports.
Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China.
Moselhy told Reuters
Reuters added: ‘Egypt is trying to stabilize its economy after the Russian invasion of Ukraine last year rocked its tourism industry, raised commodity prices and prompted foreign investors to pull about $20 billion out of its financial markets,’ it added.
‘Inflation has risen sharply over the last year in Egypt after a series of currency
devaluations, a prolonged shortage of foreign currency and continuing delays in getting imports into the country,’ Reuters noted.
Indian-based publication Wion also reported: ‘The Egyptian minister’s comment comes hours after Bloomberg reported that India was providing Egypt with a credit line worth an unspecified value. But he denied the report.’
In March it was announced Egypt would be joining the BRICS New Development Bank (NDB) – an Eastern equivalent to the World Bank, which is basically controlled by the United States. At the time Silk Road Briefing said this was a “sure-fire” indication that Egypt would eventually join BRICS.
‘Egypt is an energy and agricultural play, with important exports including petroleum and petroleum products, followed by raw cotton, cotton yarn, and textiles. Raw materials, mineral and chemical products, and capital goods are also exported. Among agricultural exports are rice, onions, garlic, and citrus fruit,’ the Silk Road Briefing added.
BRICS already has a growing list of applicants looking as to strengthen their relations, while dumping the dollar and U.S. hegemony; with Saudi Arabia being the most recent addition, as BRICS nations plan to create a brand new currency to trade with all together.
‘By diversifying its use of currencies, the NDB not only seeks to weaken the bloc’s dependence on the dollar, but also hopes to help developing countries avoid painful fluctuations in exchange rates,’ Info BRICS wrote.
We need to create a diversified global currency system. In the future, it is unlikely that one single currency can dominate the world’s currency system. We will see more local currencies used to settle trade.
Brazil’s leftist ex-President Dilma Rousseff said in a statement
That has been one of the main talking points and beliefs of BRICS: multipolar currencies versus just one. Gillian Tett, chair of the editorial board of the Financial Times, has also acknowledged this, saying, “Prepare for a multipolar currency world.”
Prominent economist Zoltan Pozsar wrote in the FT in January that the “unipolar era” of U.S. hegemony is over, and has been replaced with a “multipolar” order of “one world, two systems.”
If less trade is invoiced in U.S. dollars and there is a dwindling recycling of dollar surpluses into traditional reserve assets such as Treasuries, the ‘exorbitant privilege’ that the dollar holds as the international reserve currency could be under assault.
Pozsar warned
AUTHOR COMMENTARY
While Egypt has been milky in their overt intentions, it is clear that they will be joining BRICS and looking to aid in taking down the United States’ supremacy. Again, de-dollarization will not happen overnight, but we can clearly see it building at rapid speeds.
He that oppresseth the poor to increase his riches, and he that giveth to the rich, shall surely come to want.
Proverbs 22:16
However, it may be multipolar at first, maybe, but ultimately we all know it will be truncated back down to one and one only eventually, the mark of the beast system (Revelation 13:16-18)
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
According to Wikipedia, Egypt is currently planning to build it’s first nuclear power plant, with 25 billion in Russian financing.
According to some sources, the lebanonese government is going to have the US dollar as an unofficial currency with a plan to make the US dollar its currency because of the economic crisis there.