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.

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.

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

bennjaminne:
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.

The Dollar is not the problem but reliance on foreign currencies for imports

Celestialsword:
The Dollar is not the problem but reliance on foreign currencies for imports

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.

Good for them

Fake news lol. Egypt didn't 'ditch the dollar' and the Egyptian currency is performing at historic lows.

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.

Hmmmm

fidelmarshal199:
Ok

Story
Yet they accept billions from the US as aid
Even China has one of the biggest holdings in US bonds

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.

matify83:
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

Fake news!

LORD HELP US IN NIGERIA IJN AMEN.

Bold move! But how much has it helped those that have tried it in the past?

Celestialsword:
The Dollar is not the problem but reliance on foreign currencies for imports

Won't they still tilt to another currency? if yes what then is the essence of fighting one master to get another master?

That's good. The dollars is affecting the local currency of many developing countries.

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

matify83:


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

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

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

ExudeLoveToAll:


Won't they still tilt to another currency? if yes what then is the essence of fighting one master to get another master?

I wonder, African mentality

Dem dey rush wan go join BRICS but e be like e go backfire

Difrent:


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

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

matify83:
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

this is pure gibberish,seems you have been brainwashed by cnn

Yankee101:
Story
Yet they accept billions from the US as aid
Even China has one of the biggest holdings in US bonds

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.

😮‍💨🥱

fidelmarshal199:
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.

Who told you that or are you residing in north Africa.

matify83:
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

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..

Yet the $ is very bullish.

Down XAU/USD