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UAE, Egypt Strengthen Financial Ties with Currency Swap
(MENAFN) The central banks of the UAE and Egypt renewed their currency swap agreement on Tuesday, covering exchanges between the two countries’ currencies.
The agreement has a nominal value of 5 billion Emirati dirhams, equivalent to 69 billion Egyptian pounds or $1.36 billion. UAE Central Bank Governor Khaled Balama and Central Bank of Egypt Governor Hassan Abdalla signed the renewed deal.
The arrangement is intended to facilitate bilateral trade, strengthen financial cooperation and contribute to economic development in both countries.
“This agreement contributes to supporting financial stability, and facilitating trade and investment operations between the two countries. It represents a progressive step within our ongoing efforts to deepen the utilization of local currencies in bilateral settlements, in line with international best practices, thereby enhancing the resilience of the financial system in both nations,” Balama said.
Abdalla said the renewal builds on the two countries’ ongoing cooperation and supports efforts to expand their economic partnership.
“The agreement provides a vital tool to promote transactions in local currencies for commercial and financial settlements, enhancing the resilience of financial markets in both countries. We look forward to this step unlocking wider horizons for cooperation in the fields of finance and investment, in a way that supports economic development plans in both nations,” he said.
The agreement has a nominal value of 5 billion Emirati dirhams, equivalent to 69 billion Egyptian pounds or $1.36 billion. UAE Central Bank Governor Khaled Balama and Central Bank of Egypt Governor Hassan Abdalla signed the renewed deal.
The arrangement is intended to facilitate bilateral trade, strengthen financial cooperation and contribute to economic development in both countries.
“This agreement contributes to supporting financial stability, and facilitating trade and investment operations between the two countries. It represents a progressive step within our ongoing efforts to deepen the utilization of local currencies in bilateral settlements, in line with international best practices, thereby enhancing the resilience of the financial system in both nations,” Balama said.
Abdalla said the renewal builds on the two countries’ ongoing cooperation and supports efforts to expand their economic partnership.
“The agreement provides a vital tool to promote transactions in local currencies for commercial and financial settlements, enhancing the resilience of financial markets in both countries. We look forward to this step unlocking wider horizons for cooperation in the fields of finance and investment, in a way that supports economic development plans in both nations,” he said.
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