The Saudi Arabian Commerce Minister, Majid Al Qasabi, has already submitted a proposal to discuss the possibility of paying a portion of trade operations in SAR or EGP.
Egypt and Saudi Arabia are studying the possibility of conducting local currency-denominated trade in the coming period the Egyptian Commercial Representation Service’s Yahya Al Wathiq Billah, said in statements to Asharq Business.
The Saudi Arabian Commerce Minister, Majid Al Qasabi, has already submitted a proposal to discuss the possibility of paying a portion of trade operations in SAR or EGP. The central banks of the two countries will then discuss the proposal, Al Qasabi added.
Earlier this week, the volume of Saudi private sector investments in Egypt reached $35 billion, Chairman of the Saudi-Egyptian Business Council, Bandar Al-Amiri, revealed on the sidelines of a press conference at the Egyptian Ministry of Trade and Industry on Sunday.
Figures from the General Authority for Statistics in Saudi Arabia indicate that trade exchanges between the two countries amounted to $20.4 billion during the past year, according to media reports.
Local media recently reported that the CBE will receive new funds from the UAE and Saudi Arabia, with a potential $5 billion to be injected into the local market.
