The Central Bank of Egypt (CBE) and the Central Bank of the UAE (CBUAE) have signed a Bilateral Currency Swap Agreement worth $1.36bn between the UAE Dirham and the Egyptian Pound.
This agreement allows for the exchange of local currencies between the two central banks, with a maximum size of AED 5bn ($1.36bn) and EGP 42bn.
Hassan Abdalla, Governor of the Central Bank of Egypt, and Khaled Mohamed Balama, Governor of CBUAE, signed the agreement. Governor Abdalla stated, “In support of the strong relations between the UAE and Egypt, the Central Bank of the UAE and the Central Bank of Egypt have entered into a Bilateral Currency Swap Agreement. I am confident that this agreement will enhance cooperation between our financial sectors in their respective currencies.”
Governor Balama of CBUAE commented, “The Bilateral Currency Swap Agreement between the UAE and Egypt reflects the close relationship between our countries and presents an opportunity to promote cooperation and develop our economic and financial markets. The CBUAE is eager to deepen its collaboration with the CBE to achieve common interests, positively impact trade, investment, and financial sectors, and enhance financial stability, aligning with the collaborative efforts of the UAE and Egypt’s leadership.”
