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Going fast: Moscow & Cairo to drop USD, use national currencies in bilateral trade

Russia and Egypt might soon exclude the US dollar and use their national currencies in the settlement of accounts in bilateral trade, Russian President Vladimir Putin said in an interview to Egyptian media ahead of his Monday visit to the country.”

The issue of abandoning the dollar in trade is 'being actively discussed,' Putin told Al-Ahram daily newspaper ahead of his two-day trip to Egypt. The Russian president was invited for a bilateral meeting by his Egyptian counterpart Abdul Fattah al-Sisi.”

Egypt is a long-time and trusted partner of Russia and the relationship between the two countries has been rapidly developing, the Russian president said. [...] He also praised the development of 'mutually beneficial and effective' cooperation in the sector of agriculture. 'Egypt is the major buyer of Russian wheat, Russia provides about 40 percent of grain consumed in the country; as for us, we import fruits and vegetables.'”

During Sisi’s last visit to Russia in August 2014, the two leaders agreed to look at a possibility of creating a free trade zone between Egypt and the countries of the Customs Union. Meeting in the Black Sea resort city of Sochi, the presidents also agreed upon the creation of a Russian industrial zone in Egypt, which will be part of a new Suez Canal project.”


As BRICS are in the processes to decouple economies from the Western neoliberal monetary monopoly, they could bring back the gold standard as a base for their transactions, which is much more steady than the paper money unstable financial bubbles. They are ready, because they are emerging economies with billions of potential consumer tanks and can attract other countries too being victims of the international financial mafia, like Argentina and Greece.

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