Egypt joining the MIR payment system to open trade with Russia

Posted on September 12, 2022   |  

• The Russian ruble will be used by Egyptian banks, tourism companies, and hotels to promote Russian tourism in Egypt, later this month.
• Mir is a payment and money transfer method operated by the Russian National Payment Card System, which was developed to avoid sanctions imposed on its ability to transfer funds abroad after its occupation of the Crimean Peninsula in 2014.
• Bahrain and Iran are currently aiming to join the Mir system to promote financial and commercial transfers with Russia.
• The government decided to adopt Mir due to the next winter tourism season as the EU strengthened its measures against Russian tourists’ entry to Europe.
• The upcoming winter season will likely increase Russian tourists to Egypt as bookings by Russian tourists to Egypt grew by 30% between July 1 and August 31.