Title: UAE and Turkey Sign $5 Billion Currency Swap Agreement

The Turkish Central Bank announced today, Wednesday, that it has signed a currency swap agreement with the Central Bank of the UAE worth a nominal size of 64 billion lira (4.7 billion dollars) and 18 billion dirhams. The bank stated that the agreement, aimed at enhancing bilateral trade and forms of financial cooperation between the two countries, will last for three years with the possibility of extension by mutual agreement. In November 2021, the Turkish Central Bank signed a memorandum of understanding with the UAE Central Bank to enhance cooperation in the field of central banking services. The United Arab Emirates announced the establishment of a $10 billion fund to support investments in Turkey, following talks between Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdoğan to bolster support for the Turkish economy and strengthen cooperation between the two countries last November. The fund will focus on strategic investments, primarily in logistics sectors, including energy, health, and food.