UAE Central Bank and Egyptian Central Bank Sign Bilateral Currency Swap Agreement
The Central Bank of the United Arab Emirates (UAE) and the Central Bank of Egypt have inked a bilateral agreement today for the currency swap of Emirati Dirhams and Egyptian Pounds.
The agreement was signed by His Excellency Khaled Mohammed Al-Ama, the Governor of the UAE Central Bank, and His Excellency Hassan Abdullah, the Governor of the Egyptian Central Bank.
This agreement allows both parties to exchange local currencies with a nominal value of up to 5 billion Emirati Dirhams and 42 billion Egyptian Pounds.
His Excellency Khaled Mohammed Al-Ama, the Governor of the UAE Central Bank, expressed, "The currency swap agreement between the two nations reflects the depth and strength of the bilateral relations between the United Arab Emirates and the Arab Republic of Egypt. It presents a significant opportunity to develop economic and financial markets between both sides, driven by the commitment of the leadership in both sisterly nations to support bilateral relations in all areas, working towards the mutual interests that positively impact trade, investment, financial sectors, and enhance financial stability."
In response, His Excellency Hassan Abdullah, the Governor of the Egyptian Central Bank, stated, "Within the framework of the ongoing cooperation between the sisterly United Arab Emirates and the Arab Republic of Egypt, and in support of the bonds of cooperation, both the Central Bank of the United Arab Emirates and the Egyptian Central Bank have entered into a currency swap agreement between the two nations. The currency swap operation is considered the cornerstone of financial cooperation between the two countries using local currency.