Abu Dhabi:The Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of Egypt (CBE) have renewed their currency swap agreement, valued at AED5 billion, equivalent to EGP69 billion. This agreement was signed during a ceremony at the CBUAE's headquarters.
According to Emirates News Agency, the renewed agreement is set for a duration of five years and aims to bolster bilateral trade, financial cooperation, and economic development between the two nations.
Khaled Mohamed Balama, Governor of the CBUAE, emphasized that the renewal reflects the strong strategic relationship between the UAE and Egypt. He noted that the agreement facilitates trade and investment flows, promotes the use of local currencies, and enhances financial stability.
Hassan Abdalla, Governor of the CBE, highlighted that the agreement builds on the cooperation between the two countries and supports the use of local currencies in trade, thereby strengthening financial markets. He expressed optimism that the agreement would create more opportunities for financial cooperation and contribute to economic goals.
Both central banks have committed to ongoing efforts to deepen financial and banking cooperation in support of mutual interests, financial stability, and economic growth in their respective countries.