Arab Finance: The Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of Egypt (CBE) have renewed their currency swap agreement worth AED 5 billion, equivalent to EGP 69 billion, for five years, according to a statement.

The agreement reflects both sides’ commitment to supporting bilateral trade, strengthening financial cooperation, and bolstering economic development in the two countries.

The agreement was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Hassan Abdalla, Governor of the CBE, at a signing ceremony held at the UAE central bank's headquarters.

Balama said the renewal shows the strength of strategic relations Egypt and the UAE and their shared commitment to developing financial and banking cooperation.

He added that the agreement would support financial stability, facilitate trade and investment, and deepen the use of local currencies in bilateral settlements, enhancing the resilience of both countries' financial systems.

For his part, Abdalla noted that the agreement builds on the close cooperation between the two countries and supports efforts to strengthen economic ties.

He also highlighted that the agreement provides an important tool for expanding the use of local currencies in trade and financial settlements, while creating broader opportunities for cooperation in financing and investment to support economic development in both countries.

Both central banks reaffirmed their keenness to strengthen financial and banking cooperation to advance mutual interests and support economic stability and growth.