The Central Bank of the United Arab Emirates and the Central Bank of Egypt signed a bilateral agreement on Thursday for a currency swap of the UAE Dirham and the Egyptian Pound. The agreement was signed by Khaled Muhammad Balama, Governor of the Central Bank of the UAE, and Hassan Abdullah, Governor of the Central Bank of Egypt.
The agreement allows both parties to swap local currencies with a nominal value of up to 5 billion UAE Dirhams and 42 billion Egyptian Pounds. Khaled Muhammad Balama stated: "The currency swap agreement between the two countries reflects the depth and strength of the bilateral relations between the UAE and the Arab Republic of Egypt, and represents an important opportunity to develop economic and financial markets between the two sides, stemming from the wise leadership's commitment in both brotherly countries to support bilateral relations in all areas and work towards achieving mutual interests that positively impact the trade, investment, and financial sectors while enhancing financial stability."
For his part, Hassan Abdullah, Governor of the Central Bank of Egypt, stated: "As part of the ongoing cooperation between the sisterly United Arab Emirates and the Arab Republic of Egypt, and in support of the bonds of cooperation, the Central Bank of the UAE and the Central Bank of Egypt have concluded a local currency swap agreement between the two countries. The swap process is considered the cornerstone of supporting financial cooperation between the two countries in local currencies."
