The Central Bank of Egypt and the Central Bank of the UAE renewed their bilateral currency swap agreement between the Egyptian pound and UAE dirham for five years. The agreement has a nominal value of AED 5 billion, equivalent to EGP 69 billion. The facility supports greater use of local currencies in bilateral trade and financial settlements. It is also intended to facilitate trade and investment, strengthen financial cooperation and support financial stability in both countries.
Central Bank of Egypt and Central Bank of the UAE renew AED 5 billion currency swap for five years
The Central Bank of Egypt and the Central Bank of the UAE renewed their AED 5 billion currency swap agreement, equivalent to EGP 69 billion, for five years. The facility supports local currency settlement and trade and investment between the two countries.