Egypt, UAE central banks sign currency swap agreement

The Central Bank of Egypt (CBE) and the Central Bank of the United Arab Emirates (CBUAE) signed yesterday a bilateral currency swap agreement.

The deal allows for the exchange of the UAE Dirham and the Egyptian Pound with a nominal size of up to 5 billion dirhams ($1.36 billion) and LE42 billion.

The agreement was inked by Governor of the Central Bank of Egypt Hassan Abdalla and Governor of the Central Bank of the UAE Khaled Mohamed Balama.

Abdalla said the deal is aiming to boost joint relations binding Egypt and the UAE on all fronts and contributes to scaling up the volume of trade exchange between the two countries.

Balama said the Bilateral Currency Swap Agreement between Egypt and the UAE reflects the strong relationship between the two countries and serves as an opportunity to promote co-operation and develop our respective economic and financial markets.

In line with the efforts of the UAE and Egypt’s leadership to collaborate more broadly across multiple areas, the CBUAE is keen to deepen its cooperation with the CBE to achieve common interests, positively impact the trade, investment and financial sectors, and enhance financial stability, he added.