Why is Egypt considering alternatives to the Dollar in trading commodities?

Egypt's Supply Minister Ali Moselhy said that Egypt is considering approving the currencies of its commodity trade partners, such as China, India, and Russia, to reduce its dependence on the US dollar.

The idea is to import goods from these countries and pay in their local currency, rather than using dollars for the trade.
Commodities are raw materials or main agricultural products that can be bought and sold, such as oil, gold, wheat, and coffee.

These commodities are traded on global markets and are affected by price fluctuations based on factors such as supply and demand, weather conditions, and geopolitical events. Many economies rely heavily on the export of commodities to grow, so commodities trade is an important aspect of global commerce.

The dollar has been the dominant currency for trading commodities for decades, but in recent times, global oil traders have been asking for payments in other currencies due to Western sanctions on countries like Russia and shortages of dollars like what's happening in Egypt.

The move away from the dollar is not something new, but it is becoming more common in recent years. By approving the use of other currencies in commodity trading, Egypt is trying to mitigate the effects of volatility and fluctuations of the dollar and strengthen its trade relations with these countries.