BRICS: Egypt officially abandons US dollar in trading accounts.

On February 15, 2024, the authoritative BRICS website reported that Egypt officially waived settlements in US currency. We read: ” Another signal to implement the BRICS de-dollarisation plan is that Egypt officially abandoned the US dollar in trade.Indeed, the country was 1 of the 5 countries that accepted the invitation to join the alliance at the summit in 2023.He then powerfully accepted the transition to trade in local currency.BRICS expansion was the first alliance growth since 2001 and had tremendous geopolitical implications.Iran, Saudi Arabia, the United arabian Emirates (ZEA) and Ethiopia are expected to join the block alongside Egypt.Now Egypt has expressed its desire to decision distant from the dollar in trade. Egypt is the latest country to abandon the US dollar for local currencyFor most of last year, BRICS informed about its activities and initiatives on the front pages of newspapers.These actions marked the desire to reduce the global dominance of the US dollar and strengthen its ranks. OThese targets coincide with the event that took place this week.Indeed, as part of the BRICS alliance, Egypt intends to abandon the US dollar in its commercial activities.In particular, the Ministry of abroad Affairs of that country presented its intention earlier this week.The country has ensured that it will search to encourage the countries in which it trades in national currencies to reduce the expanding cost of utilizing abroad currencies for settlement.Furthermore, Egypt stated that the decision was the consequence of a global economical change. Reality, is The main component of this decision is ‘international crises that have occurred in the last 4 years’.After what happened to Russia, all BRICS country lives in fear of Western sanctions.Moreover, the US economy and rising debt are not the most reassuring statistic for currency-dependent countries.Therefore, the transition to dependence on local currency is the best way for all emerging countries and global economical conditions.