The minister added that the Egyptian government is “seriously considering” that Egypt should work on imports from different countries and adopt the local currency of these countries with the local currency of the Arab Republic of Egypt.
Moselhi added that the matter has not yet been implemented, but the Egyptian government has already started seeking cooperation with China, India or Russia. However, so far no agreement has been reached.
The decades-old dominance of the dollar has been challenged in recent months as global oil traders seek payouts in currencies other than the dollar.
This year, Russia included the Egyptian pound on the list of foreign currencies for which the Central Bank of Russia sets the official exchange rate against the rouble, but a number of Egyptian traders told Reuters they do not had not yet started transacting in anything other than the dollar. .
Egypt, a major buyer of raw materials, is suffering from a currency crisis.
On the other hand, Al-Moselhi said that Egypt should continue to import meat from Sudan despite logistical challenges in light of the ongoing conflict there, but the Ministry of Supply will try to diversify the origins. imports to include Chad and Somalia.
He added that the ministry had so far purchased 365,740 tonnes of local wheat in the current harvest season, which started in mid-April, adding that the ministry’s target was to purchase four million tons this season.
This month, the ministry imposed restrictions on the trade of local wheat without ministry approval, as well as on the use of wheat as fodder.
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