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#russian tourists

In a surprise move from the Russian Central Bank on Wednesday January 18, the Egyptian pound was added to the Russian exchange rate list, the Russian Embassy in Egypt announced. Egyptian economists praised this decision, describing it as a “positive step” for the ailing Egyptian pound. Prior to this decision, Egyptian imports from Russia traded using the US dollar. This move increases reliance on both local currencies and reduces demand for the US dollar in both countries. Not only will…