Arab Finance: The price of Egypt’s international bonds declined by more than 2% on June 15th after a Russian Ambassador to Cairo announced that the North African country officially applied to join the BRICS members, Asharq Business reported, citing Bondblox.
Joining the BRICS could help Egypt to become less dependent on the US dollar in trade.
On June 14th, Russian Ambassador to Cairo Georgy Borisenko confirmed that Egypt had submitted an application to become a member of the BRICS.
"Egypt has submitted its application to join the BRICS group because one of the endeavors that BRICS is currently pursuing is to shift trade to alternative currencies, be it national currencies or a new common currency. Egypt is very much interested in that," Borisenko added in an interview with TASS.