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#1 2023-03-19 23:53:39

full
Member
Registered: 2023-01-06
Posts: 1,427

Egypt is the first Arab country to join the bank

Egypt to Join BRICS Development Bank to Cut Dollar Reliance
Egypt's joining of the BRICS New Development Bank will relieve the state budget of the pressure of finding US dollars to meet the country's imports as members of the bank can use their national currencies in exchange for trade.

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#2 2023-03-20 08:08:57

Cat
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Registered: 2023-03-11
Posts: 153

Re: Egypt is the first Arab country to join the bank

Will the dollar really fall in value? I think that such events are bound to affect the exchange rate.

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#3 2023-03-20 23:59:26

thrive
Member
Registered: 2023-01-04
Posts: 2,178

Re: Egypt is the first Arab country to join the bank

Cat;6201 wrote:

Will the dollar really fall in value? I think that such events are bound to affect the exchange rate.

All fiat currency are subject to de-value buddy because the government never stop printing more money and the more they print more money the money the fiat currency loose value.

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#4 2023-03-21 11:30:38

Cat
Member
Registered: 2023-03-11
Posts: 153

Re: Egypt is the first Arab country to join the bank

thrive;6323 wrote:

All fiat currency are subject to de-value buddy because the government never stop printing more money and the more they print more money the money the fiat currency loose value.

I am well aware of that, but what I meant was what will happen to the dollar if Egypt shows a successful rejection of it?

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#5 2023-03-21 23:36:04

thrive
Member
Registered: 2023-01-04
Posts: 2,178

Re: Egypt is the first Arab country to join the bank

Cat;6337 wrote:
thrive;6323 wrote:

All fiat currency are subject to de-value buddy because the government never stop printing more money and the more they print more money the money the fiat currency loose value.

I am well aware of that, but what I meant was what will happen to the dollar if Egypt shows a successful rejection of it?

Egypt is not the only country in the world and if countries like Switzerland, the UK, and others are asking the US to do something about making more USD value I don't see Egypt being a problem.

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#6 2023-03-21 23:38:14

IyaJJJ
Member
Registered: 2023-01-25
Posts: 1,714

Re: Egypt is the first Arab country to join the bank

thrive;6440 wrote:
Cat;6337 wrote:
thrive;6323 wrote:

All fiat currency are subject to de-value buddy because the government never stop printing more money and the more they print more money the money the fiat currency loose value.

I am well aware of that, but what I meant was what will happen to the dollar if Egypt shows a successful rejection of it?

Egypt is not the only country in the world and if countries like Switzerland, the UK, and others are asking the US to do something about making more USD value I don't see Egypt being a problem.

if most of the East hasn't followed the decision made by the Egyptians then Egypt will have itself to blame in the future especially when they are having a back door problem.

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#7 2023-03-21 23:40:22

joanna
Member
Registered: 2023-01-10
Posts: 2,712

Re: Egypt is the first Arab country to join the bank

IyaJJJ;6441 wrote:
thrive;6440 wrote:
Cat;6337 wrote:

I am well aware of that, but what I meant was what will happen to the dollar if Egypt shows a successful rejection of it?

Egypt is not the only country in the world and if countries like Switzerland, the UK, and others are asking the US to do something about making more USD value I don't see Egypt being a problem.

if most of the East hasn't followed the decision made by the Egyptians then Egypt will have itself to blame in the future especially when they are having a back door problem.

I read that the Egypt's economy is now being impacted by several negative causes, including low foreign currency reserves, expensive interest payments, the Russia-Ukraine war, decreasing tourism, food insecurity, and high inflation.

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#8 2023-03-21 23:42:34

IyaJJJ
Member
Registered: 2023-01-25
Posts: 1,714

Re: Egypt is the first Arab country to join the bank

joanna;6442 wrote:
IyaJJJ;6441 wrote:
thrive;6440 wrote:

Egypt is not the only country in the world and if countries like Switzerland, the UK, and others are asking the US to do something about making more USD value I don't see Egypt being a problem.

if most of the East hasn't followed the decision made by the Egyptians then Egypt will have itself to blame in the future especially when they are having a back door problem.

I read that the Egypt's economy is now being impacted by several negative causes, including low foreign currency reserves, expensive interest payments, the Russia-Ukraine war, decreasing tourism, food insecurity, and high inflation.

I only know about the expensive interest payments, decreasing tourism, food insecurity, and high inflation but they think turning back on the USD is the solution then the negative issue just started.

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#9 2023-03-22 11:50:47

Cat
Member
Registered: 2023-03-11
Posts: 153

Re: Egypt is the first Arab country to join the bank

joanna;6442 wrote:

I read that the Egypt's economy is now being impacted by several negative causes, including low foreign currency reserves, expensive interest payments, the Russia-Ukraine war, decreasing tourism, food insecurity, and high inflation.

Egypt suffers because of fewer tourists .

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#10 2023-03-22 11:51:49

Cat
Member
Registered: 2023-03-11
Posts: 153

Re: Egypt is the first Arab country to join the bank

IyaJJJ;6443 wrote:

I only know about the expensive interest payments, decreasing tourism, food insecurity, and high inflation but they think turning back on the USD is the solution then the negative issue just started.

In any case, it will be interesting to watch. I assure you that there will soon be more unrest in the east.

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