Egypt’s Deals with Turkey Uncovered in Local Currency Terms.

Sources in the Egyptian Ministry of Industry and Foreign Trade said that it would take at least two years of discussions and negotiations to conclude deals in local currencies between Egypt and Turkey, in Turkish lira and Egyptian pounds.

The sources indicated that trade exchanges with Turkey have increased significantly over the recent period with the improvement in relations between the two countries, but there is no consultation on exchanges in local currencies.

The sources said that commercial relations between the Egyptian and Turkish business circles in the currencies of the two countries require negotiations at the level of the diplomatic sector, then the approval of the Central Bank of Egypt and the Central Bank of Turkey and the issuance of the necessary licenses and guarantees.

Local currency transactions between Egypt and Turkey in Turkish lira and Egyptian pounds require a network and a new payment system between the two countries, which requires a long period of work with the Egyptian Central Bank and its Turkish counterpart, the sources said. and strong political support.

The sources said that if politicians in the two countries realize the importance of local currency deals between Egypt and Turkey in Turkish lira and Egyptian pounds, they will strongly support this project, and perhaps if the work is intensified, it will end. During a year.

Egyptian Foreign Minister Sameh Shukri will visit Ankara tomorrow Thursday to meet with his Turkish counterpart Mevlut Cavusoglu as part of plans to fully restore relations between the two countries.
And coinciding with a period of improved relations between Egypt and Turkey in recent months,

The value of Turkish investments in Egypt increased by 30.3% to reach $179.9 million in FY 2021/2022 compared to $138.1 million in FY 2020/2021.

The value of trade exchange between Egypt and Turkey has also increased, reaching $7.7 billion in 2022, which also coincides with a period of improved relations between Egypt and Turkey in recent months, up from $6.7 billion in 2021, an increase of 14 %, according to the Foreign Trade Bulletin published by the Central Agency for Public Mobilization and Statistics.

Source: Cairo 24