Tuesday, January 24, 2023
I wrote – Manal Al-Masry:
At the level of the Egyptian banking system, Banque Misr is unique in its presence in the State of Russia through its representative office in the Russian capital, Moscow, which facilitates trade exchange between the two countries to be Egypt’s window in Russia.
The announcement of the Russian Central Bank last week to include the Egyptian pound among 9 new currencies, including the UAE dirham and the Qatari riyal, in its basket of currencies, unleashed the reinforcing of this decision.
Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr, opened a representative office for the bank in the capital, Moscow, 6 years ago, based on the relations between Egypt and Russia.
Russia is one of the largest suppliers of wheat in Egypt, and despite the local production of wheat, Egypt remains one of the largest importers of wheat in the world, as it imports more than 13 million tons of wheat annually.
According to Banque Misr’s website, the choice of the Russian capital, Moscow, is due to the presence of Banque Misr’s representative office in it to cover a new region of Russia, where the vast majority of Russian and foreign financial and business institutions operating in Russia and some neighboring countries are located in Moscow, which facilitates and supports communication between Banque Misr’s representative office. Egypt and those institutions.
Russia is subject to a package of sanctions from America and the European Union after the Ukraine crisis. The sanctions included removing Russia from the global Swift system, and the difficulty of correspondence with foreign banks because of the sanctions against them.