Stella Dimoko Egypt Officially Stops Using US Dollars In Trade


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Friday, February 16, 2024

Egypt Officially Stops Using US Dollars In Trade

As part of a broader trend of de-dollarization among some countries, Egypt has moved away from using the US dollar for trade. 

 The economic crisis in Egypt, which resulted in fewer U.S. dollars and other hard currencies available in the market, might have contributed to this decision
The crisis was exacerbated by the COVID-19 pandemic, which negatively impacted Egypt’s two largest foreign currency generators—tourism and the oil and gas sector.

In January 2023, the Central Bank of Egypt devalued the Egyptian Pound (EGP) for the third time. These factors have made it difficult for Egyptian buyers to meet their financial obligations. As a result, Egyptian banks have faced challenges in conducting bank transfers in euros or US dollars.


  1. wish Nigerian did this. Let's just use Chinese yuan since we use a lot of Chinese products.

  2. I wish Nigeria will follow suit but greedy politician wont accept cause they have stashed up dollar.

  3. When will our own government get this kain sense

  4. Our der country will not copy such good thing

  5. Those that have a lot stashed away won't allow this here.

  6. Nigeria do same. NPA should stop payment in dollar.

  7. Is not only politicians what about the people that spray $1 bills in parties?

  8. How is this healing foreigners in egypt?

  9. Hi my comment I liked


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