Russia and Egypt may replace the U.S. dollar with their national currencies for settlement of accounts in bilateral trade, Russian President Vladimir Putin said in an interview with Egyptian media ahead of his visit to the country on Monday.
Putin told Egypt’s Al-Ahram daily newspaper that the issue of excluding the dollar in bilateral trade between Moscow and Cairo is “being actively discussed,” especially because the tourist season in Egypt is about to begin. According to the Russian leader, the use of national currencies — ruble and Egyptian pound — in settlement of accounts will help create more favorable conditions for Russian citizens who annually spend their holidays in Egypt.
“This measure will open up new prospects for trade and investment cooperation between our countries, reduce its dependence on the current trends in the world markets,” Putin told Al-Ahram, according to Kremlin. “I should note that we already use national currencies for trade with a number of the CIS States, and China. This practice proves its worth; we are ready to adopt it in our relations with Egypt as well. This issue is being discussed in substance by relevant agencies of both countries.”