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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Egypt Has Officially Permanently Ditched The US Dollar (2444 Views)
Egypt Has Donated A Large Amount Of Military Hardware To Nigér’s Military / It’s Over: Saudi Arabia Just Broke The US Dollar / The United States Government Has Officially Shutdown (2) (3) (4)
Egypt Has Officially Permanently Ditched The US Dollar by bennjaminne: 12:02am On Feb 17 |
Egypt has decisively severed its reliance on the US dollar, aligning itself with the BRICS bloc’s strategic move towards de-dollarization. This bold maneuver signals a broader geopolitical realignment. By joining forces with BRICS, Egypt is charting a new course that deviates from the traditional economic paradigms dominated by the dollar. The Winds of Change in Global Trade The recent expansion of the BRICS alliance, welcoming Egypt among other nations, was a significant moment in global economics. This expansion is a bold statement against the hegemony of the US dollar in international trade. Egypt has taken a proactive move towards reducing the economic burden created by its reliance on the dollar by quickly adapting to trade in local currencies. The transition is based on the worldwide economic upheavals and changes that have occurred throughout the last four years. Because of these challenges, there is now a pressing need to find a stable alternative to the dollar’s erratic control. As a result of the threat of Western sanctions, which are similar to those Russia endured, the BRICS countries are moving closer to economic independence and self-sufficiency. Even though Egypt enjoys numerous advantages, its economy has been on the verge of collapse, easily affected by outside events like pandemics and political battles. Over 70% of the value of the Egyptian pound has been lost since the beginning of 2022. This shows how unstable the country’s finances are. The economic slowdown has led to the growth of a black market where the value of the Egyptian pound has dropped dramatically, making the country’s economic problems even worse. A big drop has happened in the central bank’s funds, which went from $44.6 billion in 2019 to $32 billion by the end of 2022. SOURCE: Microsoft news My input: Nigeria should be courageous and make these kind of moves, in these hard times. 2 Likes
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Re: Egypt Has Officially Permanently Ditched The US Dollar by fidelmarshal199: 12:07am On Feb 17 |
This is just a Paper agreement and nothing more, Most of Egypt finished goods come from Europe, So unofficially they still depend solely on US dollars or Euro. 1 Like |
Re: Egypt Has Officially Permanently Ditched The US Dollar by matify83: 12:12am On Feb 17 |
The amalgam of a quasi Chinese movement to devolve world trade from the dollar may not see the light of the day as the Americans have so many aces up their sleeves to counter such arrangement using their arsenal of soft power. Egypt continues to benefit immensely from US aid annually and withdrawal of this may be ruinous to the el-Sisi mismanaged Egyptian economy. China that is fronting the Belt-and-road initiative has not been finding it's footing economically in recent times. With the china-india border skirmishes around the disputed Pangong Lake in Ladakh and the Tibet Autonomous Region, I don't see India ditching the dollars in the distant future. Russia already has its hand full and only using China to get much needed help to continue in its hopeless war with Ukraine. Do you know that America has destroyed over 50% of Russia's war might [using Ukraine as a proxy] without losing a single American soldier? Food for thought 10 Likes 1 Share |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Celestialsword: 12:34am On Feb 17 |
bennjaminne:The Dollar is not the problem but reliance on foreign currencies for imports 5 Likes 1 Share |
Re: Egypt Has Officially Permanently Ditched The US Dollar by GeneralDae: 12:39am On Feb 17 |
Celestialsword:Well there's reliance on foreign currency for imports because most countries want to export in dollars to grow their reserves. Even Nigeria wants to export oil and cocoa in dollars. All countries want dollars because they want to boost their reserves with it. They want to boost their reserves with it because it is a stable and strong currency. 5 Likes 1 Share |
Re: Egypt Has Officially Permanently Ditched The US Dollar by longetivity(m): 12:50am On Feb 17 |
Good for them |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Ofodirinwa: 1:08am On Feb 17 |
Fake news lol. Egypt didn't 'ditch the dollar' and the Egyptian currency is performing at historic lows. |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Penguin2: 1:27am On Feb 17 |
I double dare Tinubu to try similar thing if America will not open his tape to the world. Get a president without baggage so he can be free to run your country without much remote-controlling, Ndi ala said no. 4 Likes |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Urexcellency: 1:50am On Feb 17 |
Hmmmm fidelmarshal199: |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Yankee101: 2:47am On Feb 17 |
Story Yet they accept billions from the US as aid Even China has one of the biggest holdings in US bonds 1 Like |
Re: Egypt Has Officially Permanently Ditched The US Dollar by MadamExcellency: 2:58am On Feb 17 |
From Tucker Carlson's interview with Vladimir Putin, it's all understood that even Russia want US dollar back but without the sanctions. Who is Egypt? A country receiving almost $3 billion in military aid from US every year? Stop smoking. Egypt and Saudis are US moles in BRICS. 4 Likes |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Uptownerd: 3:23am On Feb 17 |
matify83:Fake news! 1 Like 1 Share |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Iamanoited: 3:34am On Feb 17 |
LORD HELP US IN NIGERIA IJN AMEN. |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Ohibenemma(m): 4:20am On Feb 17 |
Bold move! But how much has it helped those that have tried it in the past? 2 Likes |
Re: Egypt Has Officially Permanently Ditched The US Dollar by ExudeLoveToAll: 5:12am On Feb 17 |
Celestialsword: Won't they still tilt to another currency? if yes what then is the essence of fighting one master to get another master? 1 Like |
Re: Egypt Has Officially Permanently Ditched The US Dollar by chopnaira: 5:14am On Feb 17 |
That's good. The dollars is affecting the local currency of many developing countries. |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Passionnn: 5:17am On Feb 17 |
Buhari once tried to ditched the dollar in preference for the Chinese currency. The move failed upon realizing that the dollar is not the problem. Poor economics policies and human inordinate greed are what plunged Nigeria into this pitiful state. Don't forget that both Tinubu and Atiku shared dollars to bribe their delegates in the last presidential primaries of their respective party |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Difrent: 5:23am On Feb 17 |
matify83: How ? Where? Has Putin used 50% of his arsenal in this war yet? And didn't the corrupt Ukrainian politicians just sold the weapons to the Taliban and Hamas ? Dey lie small small..... Me and you have no business telling lies for those people 4 Likes |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Musty112: 5:29am On Feb 17 |
As long as you remain under their thumb, you can be friends, try anything that appear like getting out and you become an enemy. Wait for the sanctions 1 Like |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Celestialsword: 6:12am On Feb 17 |
ExudeLoveToAll:I wonder, African mentality |
Re: Egypt Has Officially Permanently Ditched The US Dollar by LeeSmart: 6:24am On Feb 17 |
Dem dey rush wan go join BRICS but e be like e go backfire |
Re: Egypt Has Officially Permanently Ditched The US Dollar by shox(m): 6:27am On Feb 17 |
Difrent:leave the idiot make e dey lie. As if America no spend money and personnel. The forex spent in the war by America can end food shortage in Africa for ever, Well maybe, Till another tinubu takes over sha and starts running a certain country 2 Likes |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Osoboshi: 8:20am On Feb 17 |
matify83:this is pure gibberish,seems you have been brainwashed by cnn |
Re: Egypt Has Officially Permanently Ditched The US Dollar by caye(m): 10:30am On Feb 17 |
Yankee101: The aid is a packaged bribe for the Egyptian rulers, so as to keep the Arabs from coming together, and fighting Israel. It's a bribe. |
Re: Egypt Has Officially Permanently Ditched The US Dollar by mytime24(f): 11:18am On Feb 17 |
😮💨🥱 |
Re: Egypt Has Officially Permanently Ditched The US Dollar by Cabalgeneral: 1:14pm On Feb 17 |
fidelmarshal199: Who told you that or are you residing in north Africa. |
Re: Egypt Has Officially Permanently Ditched The US Dollar by BentizilL0: 1:45pm On Feb 17 |
matify83:You had to praise your master to pass your point. US destroy 50% of Russia war might only in your dream. Who are the one going into economic depression?. Who are the one shouting Putin price hike?.. Russia economy is growing, western economy is going down.. Countries are challenging them all over the world, the West greatest mistake is facing Putin... He'll make sure the West are nothing.. 1 Like 1 Share |
Re: Egypt Has Officially Permanently Ditched The US Dollar by zegeijuwa: 7:16pm On Feb 17 |
Yet the $ is very bullish. Down XAU/USD |
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