Egypt adopting Russian Mir payment system to boost tourism, trade

Share
1 min read
A photo taken on March 14, 2022, shows a Russian ruble coin and the Russian Mir payment system logo on a bank card in Moscow. AFP
Avatar image of TRENDS Desk
September 12, 2022 3:09 pm
Share
  • The Central Bank of Egypt in cooperation with the Egyptian Ministry of Finance, will allow banks across Egypt to access the Russian Mir payment card system later in September
  • After the Crimean Peninsula was occupied in 2014, Russia developed the Mir system in order to evade sanctions imposed on its ability to transfer funds abroad

In an effort to boost Russian tourism in Egypt, Egyptian banks will use the Russian ruble, as will hotels and tourism companies, according to a Central Bank official, quoted by the regional media. 

The Central Bank of Egypt in cooperation with the Egyptian Ministry of Finance, will allow banks across Egypt to access the Russian Mir payment card system later in September, according to the official. The decision is geared to boost Russian tourism in Egypt and enhance trade relations between the two countries.

Mir is a payment and money transfer system operated by the Russian National Payment Card System. 

After the Crimean Peninsula was occupied in 2014, Russia developed the Mir system in order to evade sanctions imposed on its ability to transfer funds abroad.

According to data from the Central Agency for Public Mobilization and Statistics, Egypt imported 4.2 million tons of Russian wheat in 2021, 70% of its wheat needs.

SPEEDREAD

    MORE FROM THE POST