SNG: Egypt, Turkey to probe using local currencies in trade exchange
First published: 05-Oct-2023 11:52:46
Staff Writer
The Central Bank of Egypt (CBE) will discuss with its Turkish counterpart next week the possibility of using their local currencies in trade exchange, Yahya Al-Wathiq Billah, Head of the Egyptian Commercial Service (ECS) told Asharq Business on October 3rd.
The two sides preliminary agreed to exchange trade partly in local currencies, representing up to 30% of the total bilateral trade.
On August 1st, Egyptian Minister of Trade and Industry Ahmed Samir and his Turkish counterpart Omer Bolat agreed to increase trade exchange between both countries to hit $15 billion within the next five years, up from $10 billion currently.
The volume of trade exchange between Egypt and Turkey hit $7 billion for the first time in 2022.
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