The Secretary-General of the Union of Arab Chambers, Dr. Khaled Hanafi, indicated that "exchange rates, balances of power and currencies change around the world, and we have seen the dollar as the international currency since 1945, which witnessed an increase in 1971, but this does not prevent any change in the world."
Hanafi stressed during a session entitled: "The risks facing global economic growth in light of the international geopolitical crisis," it was chaired by the Chairman and CEO of Banque du Caire, Tarek Fayed, during the 2022 Arab Banking Conference, that "the world is changing in another direction, and the idea of exchange rate stability is not a goal in itself, but what is required is not to occur highs and lows, and whether it happens smoothly, this does not prevent as long as it achieves the required economic goals."
He continued: “Payment methods around the world are changing, due to the emergence of new digital methods, amid already existing financial alliances, for example Russia moves a trillion dollars, parts of the world receive this, including Arab countries, and can consider to process this money legally, there is a great opportunity now to change the payment methods; Because the world is changing, and things are being rearranged."
He asked: In the midst of the current events and the repercussions of systematic wars, whether technological, health, or currencies, will various financial and commercial systems, such as the barter system or non-traditional currencies, emerge on the scene? How will this affect the exchange rate in the weaker countries, what trade and financial systems will come out on the scene, and will we attract hot or direct investments or debt instruments which are better investments?
Considering that strategic business alliances are the best way to overcome the current crisis.
Source (Union of Arab Chambers)
