The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) have entered into a bilateral currency swap agreement between the UAE Dirham (AED) and the Egyptian Pound (EGP).
The agreement, signed by Mr. Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and Mr. Hassan Abdalla, Governor of the Central Bank of Egypt, allows for the exchange of local currencies between the two central banks with a nominal size of up to AED 5 billion ($1 billion) and EGP 42 billion ($1 billion).
Commenting on the agreement, the Governor of CBUAE said, “The Bilateral Currency Swap Agreement between the UAE and Egypt reflects the strong relationship between the two countries and serves as an opportunity to promote cooperation 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,” Mr. Mohamed Balama further added.
The Governor of CBE said that, “In support of the continued robust relations between the UAE and Egypt, the Central Bank of the UAE and the Central Bank of Egypt have entered into a Bilateral Currency Swap Agreement, which I am confident will bolster cooperation between both financial sectors in their respective currencies.”
In July, CBUAE and the Reserve Bank of India (RBI) signed two Memoranda of Understanding (MoUs) in order to establish a framework to promote the use of the Indian rupee (INR) and the UAE Dirham (AED) for cross-border transactions.
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