Russia studies providing Egypt with wheat in exchange for rubles

CAIRO - 22 January 2023: Russia is considering selling wheat to Egypt, in exchange for Russian rubles, instead of US dollars, as is the case with Turkey, according to the Russian Deputy Prime Minister Viktoria Abramchenko.

 

Abramchenko said that Turkey had paid for providing it with Russian grain in rubles, adding that Moscow is currently studying the possibility of carrying out similar supplies to Egypt, according to Russia Today.

 

Speaking on trade supplies, the Russian Deputy Prime Minister noted that Russia has not yet switched to payments in national currencies systematically, but this is the prevailing trend.

 

She added that the Bank of Russia is currently negotiating with the central banks of other countries in order to establish mechanisms for such mutual settlements, and this applies not only to food supplies, but also to other areas.

 

Previously in January, the Russian Central Bank added the Egyptian pound to the list of its foreign currencies.

 

The Russian Central Bank stated that the list of foreign currencies whose price is officially set against the ruble now includes nine currencies, which are the Egyptian pound, the Emirati dirham, the Thai baht and the Indonesian rupiah, according to the Russian “Sputnik” news agency.

 

It added that other currencies will be included, which are: the Vietnamese dong, the Serbian dinar and the New Zealand dollar, the Georgian lari and the Qatari riyal.

 

The addition of the new currencies brought the total number of currencies determined by the Russian Central Bank at official daily rates to 43.

 

The exchange rate of the Russian ruble against the Egyptian pound recorded about 43 piasters, according to the list of the Russian Central Bank.