Egyptian researcher-economist Ahmed Said expected a loud collapse of the dollar after the inflation that occurred in America with expectations of a significant increase in world oil prices.
The Egyptian researcher pointed out in RT statements that “inflation is expected to rise today in America and the West with indications that a barrel of oil will reach one hundred dollars, which means that there will be a 30 percent decrease in the cost of oil.” dollar. When the price of a barrel of oil rises from $75 to $100, that means the “dollar” multiplies.
And he continued: “Until the day before yesterday, the dollar was used in international transactions mainly for oil pricing, and since the OPEC countries moved away from oil pricing and moved away from the volumes imposed by America on each country, what will happen is that each country will begin to export to your local currency and we link that. In the latest study by Bloomberg on yuan trading in the Russian market, we find that in March last year, the yuan trading rate exceeded the dollar trading rate, and this happens for the first time in Russia by more than 60%, i.e. 60% yuan to 40% dollars, and this confirms the tendency between Russia, China and India to conclude transactions in local currency.
The economic analyst had expected the price of a barrel of oil to rise next summer due to declining oil inventories in the West, noting that the price is now $100 before demand and consumption increase. in summer.
The Egyptian researcher explained that for Egypt, this will have a positive impact on him, as Egypt would have announced oil self-sufficiency in 2022, but in light of the economic turmoil, this was not announced, as Egypt will increase its profits from the sale of oil and other derivatives by 25% as prices rise, indicating that as large countries begin to ignore the use of the dollar, the global pressure on its use will ease, and therefore there will be more of it and pressure will ease on Egypt.
Source: RT
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