Egypt – Egyptian-Russian relations are witnessing a great rapprochement, which reflects positively on the level of trade exchange. Therefore, the central banks in both countries are close to announcing the start of accepting the Russian “Mir” card in Egypt.
Professor of International Economics, Karim Al-Omda, stressed the importance of the Russian Mir regime in advancing economic and trade relations between Egypt and Russia, especially since it is an important means of avoiding the impact of Western sanctions on relations with Russia.
He explained in exclusive statements to RT that the Russian “Mir” banking system facilitates the payment process with the exchange of Russian rubles and other currencies, noting that the Central Bank of Egypt has been looking for several months into dealing with the Russian system and this works to increase trade in goods and services between the two countries.
The mayor revealed that the volume of trade exchange between Egypt and Russia, according to official data, in 2022 amounted to 4 billion and 800 million dollars, as Egypt exports to Russia worth 450 million dollars, and imports from it approximately 4 billion and 300 million, indicating that the volume of trade exchange witnessed a significant increase in the year. 2023 to exceed $6 billion.
He pointed out that there is a very large volume of tourism coming from Russia to Egypt, with revenues amounting to approximately $3.5 billion, indicating that Egypt’s use of the Mir system will contribute to increasing the number of Russian tourists in Egypt, as this will help Russian tourists use the visa card. On the Mir system in Egypt, which will facilitate the process of increasing dealings and movement between Egypt and Russia in a simple and easy way.
The professor of international economics pointed out that the number of countries that have begun to accept working with the “Mir” system has become large, including Turkey, Indonesia, Nigeria, Vietnam, and the Emirates, which are witnessing great cooperation with Russia, stressing that this matter represents more openness in Egyptian-Russian relations, especially since Russian tourists prefer Egypt. Using the Russian system will help increase the numbers of Russian tourism to Egypt.
The “Mir” system is a Russian bank card that operates through a national payment system. It was launched in 2015 following a number of Russian banks faced problems with “Visa” and “MasterCard” due to Western sanctions imposed once morest Moscow.
Today, it is possible to pay for goods or services or withdraw money from ATMs using “Mir” in a number of countries around the world.
It is noteworthy that “Mir” is a Russian financial services company that provides bank cards to banks. It is headquartered in Moscow, Russia, and is owned by a company affiliated with the Central Bank of Russia. Mir facilitates electronic money transfers based on the national payment system established by the Central Bank of Russia under the law approved on 1 May 2017.
Source: RT
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2024-04-22 18:32:34
