Expert reveals the steps BRICS can take to reduce the US dollar’s dominance

Expert reveals the steps BRICS can take to reduce the US dollar’s dominance

Banking expert and former vice-president of Banque Misr, Sahar al-Damaty said that cooperation with the BRICS will require new foundations and infrastructure to serve as a basis for evaluating currencies away from the US dollar.

It will also require developing payment systems and managing the flow of goods, energy, information and other resources such as products, services and even human resources.

A payment system must be put in place that allows current and expected countries to deal through it, she explained, in addition to the logistics of their dealings with each other.

Damaty noted that the currencies of some countries in the group are still not listed with the central banks of other countries within the BRICS.

Egypt can offer a lot

Egypt can provide a lot to the economies of the BRICS countries, she said, such as through the Suez Canal’s services in its local currencies , and through tourism, agricultural crops, and fuel exports.

Central banks and BRICS

She added that the central banks are expected to redouble their efforts to develop foundations and means of cooperation between the BRICS countries in trade exchange.

Damaty explained that, in the medium term, countries will establish partnerships for industrial development and reduce imports, which will positively influence the