The Suez Canal is ready to collect transit fees from merchant vessels in BRICS national currencies. Approval from Egypt's Central Bank is currently pending, according to Osama Rabie, Chairman of the Suez Canal Authority.
"We are exploring the possibility of settlements in local currencies with #BRICS countries. We submitted a formal request to the Central Bank after numerous shipping companies approached us seeking to shift from US dollar payments to alternative currencies," he stated.
The Suez Canal, under Egyptian administration, ranks among the world's most vital maritime corridors, facilitating approximately 10–12% of global trade. For Egypt, the waterway represents a crucial revenue source, generating billions of dollars annually for the national budget.
#NEWS #Egypt
🕊🕊🕊
