Central Bank of UAE - CBUAE
The Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of the Republic of Turkey (CBRT) Wednesday announced the establishment of a bilateral currency swap agreement. Image Credit: WAM

Abu Dhabi: The Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of the Republic of Turkey (CBRT) Wednesday announced the establishment of a bilateral currency swap agreement between the UAE dirham (Dh)and the Turkish lira (TRY).

The nominal size of this Swap Agreement is mutually Dh18 billion and TRY 64 billion.

The agreement, which is designed to promote bilateral trade with the aim of further strengthening financial cooperation between the two countries, will stand for a period of three years, with the possibility of an extension through mutual agreement.

The agreement was signed by Khaled Mohamed Balama, Governor of the Central Bank of the UAE and Prof. Şahap Kavcıoğlu, Governor of the Central Bank of the Republic of Turkey.

“Signing this agreement with the Central Bank of the Republic of Turkey reflects each nation’s desire to enhance bilateral cooperation in financial matters, particularly in the fields of trade and investments between the two countries,” said Balama.“This agreement demonstrates the two central banks’ commitment to deepen bilateral trade in local currencies in order to advance economic and financial relations between our countries,” said Prof. Kavcıoğlu.