UAE, Egypt central banks sign currency swap agreement

Abu Dhabi: The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) have entered into a bilateral currency swap agreement between the UAE dirham (AED) and the Egyptian Pound (EGP), they said on Thursday.

The agreement allows for the exchange of local currencies between the two central banks with a nominal size of up to Dh5 billion and EGP 42 billion.

Khaled Mohamed Balama, Governor of CBUAE, said: “The bilateral currency swap agreement between the UAE and Egypt reflects the strong relationship between the two countries and serves as an opportunity to promote cooperation and develop our respective economic and financial markets.”

Hassan Abdalla, Governor of CBE, said: “I am confident (the agreement) will bolster cooperation between both financial sectors in their respective currencies.”