8 countries deal a strong blow to the dollar
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Egyptian media reported a major shift by countries including Russia, China, India, Brazil, Iran, Indonesia, Egypt and Turkey towards abandoning the dollar.
According to the “Sada El Balad” website, the Egyptian state is reducing its dependence on the US dollar as a major currency for imports and exchanging local currencies with international trading partners, such as Russia, China, India and Turkey.
According to the latest statistics from the Chinese Embassy on the volume of investments between Egypt and China, the volume of Chinese investments in Egypt has increased from 500 million dollars to 1.5 billion dollars, with the increase rate exceeding 100% over the past ten years. The volume of trade exchange between China and Egypt has also increased from 10. Billions to $20 billion in the same period.
In this regard, economic expert Ahmed Moati said that the world became aware of the existence of a crisis because of the United States of America and because of the dollar, so it abandoned it in trade exchange between countries.
Moati pointed out in statements to the “Sada El Balad” website that there have been attempts led by Russia and China for some time to drop the role of the US dollar in global trade, and the reason is due to the two countries’ desire to weaken the United States’ hegemony in the world.
He continued: In the coming period, we will see countries relying on other currencies instead of the US dollar.
He explained that what is happening in terms of countries joining forces side by side constitutes a concern for the dollar, especially if the BRICS countries agree to such bilateral agreements regarding intra-regional trade.
It is worth noting that the BRICS group began abandoning the dollar in global trade transactions.
Many countries have moved to break the dominance of the American currency over global commercial transactions. There are international agreements between many countries to start trade exchange in the local currencies of those countries, as China and Brazil agreed to exchange their local currencies instead of using the dollar, and the volume of trade exchange between the two countries amounts to 150 billion dollars. .
Also, 90 percent of the trade exchange between Russia and China is conducted in rubles and yuan, amounting to more than 260 billion dollars, in addition to an agreement with a number of their trading partners around the world to exchange trade in the local currencies of these countries.
Russia and Iran also agreed to develop a cryptocurrency backed by gold as an alternative to the dollar, in addition to another agreement between Russia and India to abandon the dollar in intra-regional trade, not to mention that the Russian ruble has become the main currency within the countries of the Commonwealth of Independent States.
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