The Central Bank of the UAE and the Central Bank of Egypt have renewed their currency swap agreement, with a nominal value of AED5 billion ($1.36 billion), equivalent to around LE69 billion, for five years. The agreement aims to support bilateral trade, strengthen financial co-operation and promote economic development in both countries.
The agreement was signed by Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and Hassan Abdalla, Governor of the Central Bank of Egypt. Balama said the renewal reflected the strength of the strategic ties between the two countries and would support financial stability, facilitate trade and investment and deepen the use of local currencies in bilateral settlements.
Abdalla said the agreement would strengthen economic ties and provide an important tool for increasing the use of local currencies in trade and financial settlements, while enhancing financial market resilience. Both sides stressed their commitment to further strengthening banking and financial co-operation and supporting economic stability and growth.
