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Egypt, UAE pen local-currency swap agreement

Updated 10/1/2023 8:05:00 AM
Egypt, UAE pen local-currency swap agreement

Arab Finance: The Central Bank of Egypt (CBE) has signed a bilateral agreement with the Central Bank of the UAE (CBUAE) to swap local currencies with a nominal value of up to EGP 42 billion and AED 5 billion, the CBE stated on September 28th.

This move aims to strengthen bilateral relations between Egypt and the UAE and increase the volume of trade exchange between both countries.

For his part, Governor of CBUAE Khaled Mohammed Salem Balama said that this agreement is an important opportunity to develop the economic and financial markets of the two sides.

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