Egypt, Saudi Arabia mull possibility of using local currencies for joint trade

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Egypt and Saudi Arabia are mulling over the possibility of using their local currencies as part of trade exchange in the near future, Head of the Egyptian Commercial Service at the Ministry of Trade and Industry Yahya Al-Wathiq Billah told Asharq Business on November 20th.

The Saudi Minister of Commerce has already submitted a proposal to discuss the possibility of paying a part of the trade exchange operations in local currencies, Al-Wathiq Billah said.

The proposal will be subject to discussions between the central banks of the two countries, and a final consensus is expected to be reached in 2024, he pointed out

Earlier this month, Minister of Finance Mohamed Maait met with the Indian Ambassador to Cairo Ajit Gupte to discuss the possibility of using their local currencies to settle payments between the two countries.