The Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of the Republic of Türkiye (CBRT) signed a bilateral currency swap agreement and two memorandums of understanding to promote the use of the UAE dirham and Turkish lira in cross-border transactions and to interlink their payment and messaging systems. The currency swap has a nominal size of AED 18 billion and TRY 198 billion and is intended to support bilateral trade by providing local currency liquidity and enabling more efficient settlement of cross-border financial and commercial transactions. One MoU establishes a framework for expanding local currency settlement across current and capital account transactions and deepening information and experience sharing to support foreign exchange market development, trade, remittances and investment. The second MoU covers facilitation of cross-border payments and domestic payment card usage in line with each jurisdiction’s regulatory and supervisory requirements, encourages cooperation on central bank digital currency platform development, and sets out integration of the UAE’s instant payment platform Aani with Türkiye’s FAST system by linking electronic systems and switches to improve interoperability and operational effectiveness.
Central Bank of the UAE 2025-10-02
Central Bank of the United Arab Emirates and Central Bank of the Republic of Türkiye sign AED 18 billion and TRY 198 billion currency swap and payment connectivity agreements
The Central Bank of the UAE and the Central Bank of Türkiye signed a currency swap agreement worth AED 18 billion and TRY 198 billion, alongside two MoUs. The agreements aim to enhance the use of the UAE dirham and Turkish lira in cross-border transactions, improve payment system interoperability, and support bilateral trade. The MoUs focus on expanding local currency settlements, facilitating cross-border payments, and integrating the UAE's instant payment platform Aani with Türkiye's FAST system.