Egypt to discuss promotion of bilateral trade in local currencies with BRICS countries

Egypt is expected to discuss promotion of bilateral trade in local currencies with BRICS countries in the upcoming meeting in Kazan, Russia.

The 2024 BRICS summit will be held from Oct 22 to 24, which is the first gathering since the group's expansion in January this year when Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates joined the initial five members of Brazil, Russia, India, China and South Africa.

After Egypt officially joined BRICS, one of its main targets has been to support members' drive for de-dollarization.

Some in the Egyptian business community have welcomed the move to reduce dependence on the U.S. dollar.

"One of the main obstacles we face in trade is the lack of access to U.S. dollars. Using local currencies will ease the process for us when we trade with other countries," said Ahmed al Zayat, member of Egyptian Businessmen Association.

The central banks of China and Egypt had signed a currency swap agreement totaling 18 billion yuan (about 2.57 billion U.S. dollars). Egypt also inked similar deals with other countries.

"Besides Egypt, many countries are beginning to use local currencies. You can't completely eradicate dollars but they should not be the main currency of trade. In 2022, to reduce dependence on dollars, the Egyptian central bank became the top gold buyer worldwide to replace dollars with gold," said Assem Mansour, head of Market Research Department, EW Markets.

Trade with BRICS members accounts for about a third of Egypt's total trade at over 31 billion U.S. dollars. Currency swap deals are set to foster trade and investment ties even further.

Agreements with China and other BRICS nations are considered by Egypt as the first step of a long term strategy to gradually remove the U.S. dollar from most of its trade transactions worldwide.

Egypt to discuss promotion of bilateral trade in local currencies with BRICS countries

Egypt to discuss promotion of bilateral trade in local currencies with BRICS countries

The Islamic Resistance Movement (Hamas) is ready to completely withdraw from the governmental scene in the Gaza Strip and engage in a positive and constructive manner with the second phase of the plan to end the war in the enclave, said Hamas political bureau member Basem Naim on Friday. In a statement, Naim said that the ceasefire deal became an international plan after being adopted by the United Nations Security Council. However, it is now facing obstacles.

He accused Israeli Prime Minister Benjamin Netanyahu of reneging on his commitments and escalating the situation, in an attempt to return to war and save his political career. Pointing out that Israeli strikes have caused hundreds of casualties since the announcement of the ceasefire, the Hamas official said the escalation cannot occur without cover or green light from the United States. He said Hamas has committed to all its obligations under the ceasefire agreement, as attested by the mediators and the U.S., adding that it is ready for the second phase of the agreement.

He emphasized the Movement's commitment to the establishment of a fully empowered Palestinian body to administer Gaza, and its complete withdrawal from the governmental scene.

Naim warned that the situation will not be sustainable if the continued escalation of Israeli military operations and the persistence of the catastrophic humanitarian situation remain unaddressed, adding that the circle of fire may expand, which is what Netanyahu aspires to.

Since a ceasefire took effect on Oct 10, 2025, Gaza's death toll has risen to 439 with 1,223 injuries, according to local health authorities on Friday. Rescue teams have recovered 688 bodies during that period. In the broader conflict, at least 71,409 Palestinians have been killed and 171,304 wounded since Israel's military campaign in Gaza began in October 2023.

Hamas ready for complete withdrawal from Gaza governmental scene: official