UAE & Egypt Renew AED 5 Billion Currency Swap Agreement
The five-year agreement allows bilateral settlements in UAE dirhams and Egyptian pounds, supporting trade and investment between both markets.
The Central Bank of the UAE and the Central Bank of Egypt have renewed a five-year currency swap agreement worth AED 5 billion, equivalent to EGP 69 billion.
The agreement allows the two central banks to exchange UAE dirhams and Egyptian pounds, providing a mechanism for commercial and financial settlements in local currencies rather than relying solely on third currencies.
It was signed by Central Bank of the UAE Governor Khaled Mohamed Balama and Central Bank of Egypt Governor Hassan Abdalla.
Balama said the agreement would support financial stability and facilitate trade and investment between the two countries, while expanding the use of local currencies in bilateral settlements.
Abdalla described the renewal as an extension of financial cooperation between the two central banks, adding that the mechanism could strengthen the resilience of financial markets and support further investment and trade.
The renewed agreement will remain in effect for five years as part of continued banking and financial cooperation between the UAE and Egypt.
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