Abu Dhabi: The Central Bank of the UAE has announced that it signed a Memorandum of Understanding with the Reserve Bank of India on Friday, in Mumbai, to consider a Currency Swap Agreement between the two countries.

Mubarak Rashid Al Mansouri, Governor of the UAE Central Bank, signed the MoU on behalf of the UAE and Central Bank Governor, while Dr Raghuram Rajan signed the MoU on behalf of the Reserve Bank of India.

The MoU signals a new stage of cooperation, which will strengthen economic ties between India and the UAE. The MoU was signed on the sidelines of the recent visit to India by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.