UAE Egypt Renew Currency Swap Agreement to Boost Economic Ties
The agreement has a nominal value of 5 billion Emirati dirhams, equivalent to 69 billion Egyptian pounds or about $1.36 billion. It was signed by UAE Central Bank Governor Khaled Balama and Central Bank of Egypt Governor Hassan Abdalla.
The renewed arrangement is intended to facilitate bilateral trade, expand financial cooperation and contribute to economic development in both countries.
“This agreement contributes to supporting financial stability, and facilitating trade and investment operations between the two countries. It represents a progressive step within our ongoing efforts to deepen the utilization of local currencies in bilateral settlements, in line with international best practices, thereby enhancing the resilience of the financial system in both nations,” Balama said.
Abdalla said the agreement continues the close coordination between the two central banks and supports efforts to further strengthen economic relations.
“The agreement provides a vital tool to promote transactions in local currencies for commercial and financial settlements, enhancing the resilience of financial markets in both countries. We look forward to this step unlocking wider horizons for cooperation in the fields of finance and investment, in a way that supports economic development plans in both nations,” he said.
The two central banks had issued a joint statement on Aug. 30 announcing plans to coordinate efforts to restore all operations at Banque Misr’s UAE branches.
The move followed a decision by the US Treasury Department on Aug. 28 to suspend dollar transactions at the bank’s branches in the UAE over alleged links to Iran.
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