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The Suez Canal may start charging passage fees in BRICS currencies, a step towards "de—dollarization" of trade

Economy
953 01.12
The Suez Canal may start charging passage fees in BRICS currencies, a step towards "de—dollarization" of trade
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Egypt is considering changing the currency of payments for passage through the Suez Canal: instead of the dollar, payments will be made in the national currencies of the BRICS countries. This could be an important step towards "de-dollarization" of global maritime trade and strengthen the country's position as an international logistics hub.

A large-scale decision: the Suez Canal administration is considering the possibility of switching to paying for the passage of ships not in US dollars, as has been customary for decades, but in the national currencies of the BRICS countries. This could be an important step towards "de-dollarization" of global shipping routes. RIA News

According to the head of the canal's administration, Osama Rabia, the authorities have already sent a request to the Central Bank of Egypt for permission to change the settlement scheme. RIA Novosti If the appropriate approval is received, transit fees may be charged in rubles, yuan, rupees, rand, real, lira — depending on the currency of the BRICS member country. Such a measure will give the alliance countries the opportunity to save on conversion, reduce foreign exchange costs and strengthen financial sovereignty.

Suez is a key maritime artery through which about 10-12% of the world's maritime cargo turnover passes. For Egypt, transit through the canal traditionally brings billions of dollars to the budget. A shift towards national currencies could affect global supply chains, especially for countries actively trading within the BRICS. RIA News

Trading companies and shipping companies have already responded to the initiative with interest. Converting payments into national currencies can facilitate budget planning for importers and exporters, as well as speed up financial transactions. Nevertheless, experts warn of possible difficulties: currency volatility, the need for coordination with client countries and the adaptation of accounting systems to new settlement schemes.

If the experiment with BRICS currencies succeeds, it may give an impetus to expand the practice of abandoning the dollar and increase the importance of regional monetary unions. Egypt, in turn, can strengthen its position as an independent logistics hub, ready to work on the terms of multilateral settlements.

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