World News

35624 readers

844 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 5 years ago

MODERATORS

[email protected]

De-dollarization: Egypt drubs dollar in trade with BRICS nations (www.firstpost.com)

submitted 2 years ago by [email protected] to c/[email protected]

34 comments fedilink hide all child comments

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

[–] [email protected] -4 points 2 years ago* (last edited 2 years ago) (28 children)

“Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China,” Egyptian Supply Minister Ali Moselhy was quoted as saying by Reuters

Lol, not quite what the headline sensationally implies

[–] [email protected] 1 points 2 years ago (26 children)

The title is sensationalist but it is indeed a reality that we will see unfold in the next couple months/years. I honestly can't wait for my country to finally be free from the dollar.

[–] [email protected] -4 points 2 years ago (25 children)

You won't be free from the dollar, 90% of foreign exchange is in dollars, most global commodities are priced in dollars

The dollar and the euro make up for nearly 80% of all global payments.

https://www.statista.com/statistics/1189498/share-of-global-payments-by-currency/

[–] Rumblestiltskin 4 points 2 years ago (1 children)

The page you posted is just using the SWIFT network. People who don't trade in USD generally don't use SWIFT. USD is still the dominant currency but I have seen numbers somewhere around 50% not 80%.

[–] [email protected] 1 points 2 years ago

USD and Euro are 42 and 38% iirc

load more comments (23 replies)

load more comments (24 replies)