Egyptian banks plan to use the Mir payment system
Al-Monitor, citing a source in the Central Bank of the country, notes that Egyptian banks in late September, among other currencies, will use the Russian ruble for settlements, and will have access to the Mir payment system.
The Russian ruble will be one of the currencies used by Egyptian banks, hotels and travel companies for mutual settlements.
These measures are being taken to increase the flow of tourists from Russia amid the problems of Russians with entering the European Union, and to establish strong trade relations between the two countries.
This decision will allow the government to diversify sources of foreign currency and pay in rubles when purchasing Russian products, especially wheat and fertilizers. Egypt imports 70% of wheat from Russia.
All difficulties must be solved before the high winter season begins.
We expect a surge in the number of Russian tourists to Egypt in the upcoming winter season, especially given that there are not many available foreign destinations for Russians to go to. And the opportunity to pay in Egypt in rubles will clearly contribute to such a surge, says Ehab Wahdan, director of Tez Tour Egypt.
In branches of Egyptian banks, it is planned to create separate terminals for the Russian currency, but the process of using the ruble by Russians in the country is not yet clear.
Source: tourism.interfax
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