Egypt's Foreign Minister: Supports Use of Local Currencies in BRICS Framework

On September 11, Egyptian Foreign Minister Sameh Shoukry stated that Egypt supports the expansion of local currency settlements among BRICS countries. He said, 'Egypt views BRICS as an important and continuously evolving model of economic cooperation and supports the increased use of local currencies for trade among member states.' He also noted that Cairo advocates for enhancing trade volumes and utilizing concessional loans provided by the New Development Bank within this framework. The Egyptian Foreign Minister explained that Egypt's participation in the BRICS summit reflects the country's commitment to strengthening its active involvement in the mechanism and expanding cooperation with member countries. BRICS accounts for approximately 40% of the global economy.