Egypt to adopt Russian Mir payment system to encourage tourism, trade exchange
Russian tourists and companies will be allowed to pay through the Russian Mir system in Egypt ahead of the winter season, which Cairo is hoping will boost its tourism sector.
Starting later this month, the Russian ruble will be on the list of currencies used by Egyptian banks and be used by tourism companies and hotels in a bid to boost Russian tourism in Egypt, an Egyptian Central Bank official told Al-Monitor.
The news comes as the European Union considers banning Russian tourists in response to the Russian invasion of Ukraine.
A source at the Central Bank of Egypt told Al-Monitor on condition of anonymity that the bank, in cooperation with the Egyptian Ministry of Finance, will allow banks across Egypt to access the Russian Mir payment card system later in September. He noted that the decision aims at boosting Russian tourism in Egypt and enhance trade relations between the two countries.
“The decision targets all commercial and industrial activities and not only tourism,” the official added.
