The Egyptian legislature welcomes Parliament's consent to the pact to join Brics Bank - Economics

Von Krypto News Österreich

Der ägyptische Gesetzgeber begrüßte kürzlich die Zustimmung des Parlaments zu einem Pakt, der es dem Land ermöglicht, der New Development Bank beizutreten, heißt es in einem Bericht. Dem Bericht zufolge glauben die Gesetzgeber, dass der Beitritt zu dieser von BRICS unterstützten Institution Ägypten helfen wird, seine Dollarnachfrage zu reduzieren und es ihm ermöglichen wird, seine Devisenreserven zu bewahren. Beitritt zu BRICS Nach der jüngsten Zustimmung des ägyptischen Parlaments zu einer Vereinbarung, die den Weg für den Beitritt des Landes zur Neuen Entwicklungsbank ebnet, sagte der Gesetzgeber Mohamed Abdel-Hamid Berichten zufolge, der Schritt trage zur Reduzierung der Nachfrage nach US-Dollar bei. …
The Egyptian legislature recently welcomed Parliament to a pact that enables the country to join the New Development Bank, according to a report. According to the report, the legislators believe that accession to this institution Egypt supported by BRICS will help to reduce his dollar demand and enable him to preserve his foreign exchange reserves. Admission to Brics after the recent approval of the Egyptian Parliament to an agreement that ebbs the way for the country's accession to the new development bank, the legislator Mohamed Abdel-Hamid reports that the step is to reduce the demand for US dollars. ... (Symbolbild/KNAT)
Report: Egyptian legislature welcome the approval of the pact to join Brics-Bank by the parliament

The Egyptian legislature recently welcomed Parliament's consent to a pact that enables the country to join the New Development Bank, according to a report. According to the report, the legislators believe that accession to this institution Egypt supported by BRICS will help to reduce his dollar demand and enable him to preserve his foreign exchange reserves.

accession to Brics

After the recent approval of the Egyptian Parliament to an agreement that paves the way for the country's accession to the new development bank, the legislator Mohamed Abdel-Hamid reported that the step is to reduce the demand for US dollars. The new development bank, founded by Brazil, Russia, India, China and South Africa or the Brics countries, tries to support "public or private projects through loans, guarantees, investments and other financial instruments".

Abdel-Hamid, the deputy chairman of the parliamentary economic committee, not only helps Egypt to maintain its foreign exchange reserves, but also said that accession to the institution enables the country to receive the support of the bank in areas such as health, infrastructure and telecommunications.

"The accession to Egypt's new development bank of the BRICS group will also relieve the state budget of finding US dollars to cover the imports of the country, since members of the bank can use their national currencies in exchange for trading," said the legislator reports.

according to an Economic Times report Egypt, which recently received a rescue package from the International Monetary Fund (IMF), is the third country that has expressed interest to join the group of five leading emerging countries who are known as Brics.

reduction of the dominance of the dollar

In the meantime, Abdel-Hamid's views on the prospects of Egypt were also taken up by another Mervat Mattar after joining BRICS. In their remarks after the Pacts of Pact, Mattar Brics as an institution that will also help to reduce the dominance of the dollar.

"The BRICS group is an important forum that can steer the course of the international economy away from American dominance and the US dollar," said Mattar reports.

To support her argument, Mattar reported reportedly on the war in Ukraine and its effects on Egypt's import bill.

In the meantime, a different legislator, Ahmed el-Awadi, chairman of the Parliament's Defense and National Security Committee, said that the step will create new markets for Egyptian agricultural and industrial products.

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.












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