Live.. the Brics price against the pound in Egypt (new update)

Attention turned to the BRICS price against the Egyptian pound, after the economic bloc agreed to join Egypt and 5 other countries, starting next January 2024. The accession of these countries to the bloc is a step to break the dominance of the US dollar in the world.

Since last Thursday, the name BRICS has topped the search engines, in an attempt to understand what BRICS is and its economic importance to Egypt.

BRICS strength

featuring Brix conglomerate Each of: (China, India, Russia, South Africa, Brazil) and 3.2 billion people live in these countries, or 42% of the total world population, and their economies represent about 27% of the global GDP, and more than 18% of world trade .

The conglomerate explained that its most prominent institution is the New Development Bank, which was established in 2014 with a capital of $50 billion, stressing that it provides faster financing than the World Bank, without imposing strict conditions.

The consequences of Egypt’s accession to BRICS

Raising Egypt’s chances of attracting more foreign investments.
Strengthening good economic and political relations between Egypt and the countries of the bloc.
Benefit from enhancing constructive cooperation with BRICS bloc countries to support sustainable development efforts.
Reducing intraregional transactions in US dollars, which will reduce pressure on foreign exchange.
Increasing access to soft financing for development projects.
Improving a number of local economic indicators.