World News

31453 readers

1096 users here now

News from around the world!

Rules:

Please only post links to actual news sources, no tabloid sites, etc
No NSFW content
No hate speech, bigotry, propaganda, etc

founded 4 years ago

MODERATORS

[email protected]

-1

Egypt Officially Ditches US Dollar For Trade (watcher.guru)

submitted 4 months ago by [email protected] to c/[email protected]

4 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 0 points 4 months ago* (last edited 4 months ago) (3 children)

They say they are ditching it but whether they will succeed is a different story.

Egypt under hefty debt that she has to pay in USD.

also Egypt's problem is in lack of export due to significant increase in corruption, army competing with private sector, restrictions on importing raw materials required for manufacturing, among other things.

Yes, Egypt has shortage in USD but also shortage in all foreign currencies. BRICS solves absolutely nothing

Edit: spelling

[–] [email protected] -1 points 4 months ago (2 children)

Egypt can just default on their USD debt and then get refinanced via BRICS which solves absolutely everything.

[–] [email protected] 0 points 4 months ago (1 children)

After you default, chances of getting loan is very low and if you get one, the interest rate would be redicilous

[–] [email protected] -1 points 4 months ago

That's why Egypt wouldn't be getting more loans from western banks.