Monday, January 23, 2023
Books – Nashat Ali:
Dr. Mohamed Abdel Hamid, Undersecretary of the Economic Affairs Committee in the House of Representatives, welcomed the entry of the Egyptian pound into the currencies approved by the Russian Central Bank, stressing that the decision will have positive and significant effects on the global transactions of the pound and is an important step that doubles the trade exchange between the two countries.
Abdel Hamid said in a statement that the decision to adopt the pound in the Central Bank will increase Egypt’s exports to Russia and reduce the cost of imports from Russia. Debts can also be paid in Egyptian pounds instead of dollars, stressing that this will lead to a reduction in the dollar crisis.
And Dr. Mohamed Abdel Hamid considered that the Russian Central Bank’s announcement of setting daily exchange rates for the Russian ruble against 9 new foreign currencies, including 3 Arab currencies, including the Egyptian pound, is a new economic step towards supporting the Egyptian pound in global exchange markets, even though the price of the Russian ruble is 43 piasters. However, increasing trade exchange between Egypt and Russia would help support the Egyptian pound.
He stressed that this helps to strengthen the position of the Russian ruble and the Egyptian pound in the exchange markets in both countries. The decision also helps to encourage tourists coming from Russia to Egypt and increase their number, as it is expected that Russian flights to South Sinai, the Red Sea and Marsa Alam will exceed 500 flights. monthly.
Dr. Mohamed Abdel Hamid called on the government to take advantage of this step from Russia to expand the adoption of the Egyptian pound in various central banks in various countries of the world in general and European countries and America in particular, stressing that the success of the government in this direction will make the value of the Egyptian pound rise against various international currencies in general and against my own. The euro and the dollar in particular.