Egypt, UAE sign current swap agreement

CAIRO - 28 September 2023: The Central Bank of the United Arab Emirates (UAE) and the Central Bank of Egypt (CBE) signed Thursday a bilateral agreement for the exchange of Emirati dirhams and Egyptian pounds.

The agreement was signed by Khaled Mohammad Balama, Governor of the Central Bank of the UAE, and Hassan Abdalla, Governor of the CBE, according to a statement issued by the Central Bank of the UAE.

The agreement allows both parties to exchange local currencies up to a nominal value of 5 billion Emirati dirhams and LE 42 billion.

“The currency exchange agreement between the two countries reflects the depth and strength of the bilateral relations between the UAE and Egypt. It represents an important opportunity to develop economic and financial markets between both sides, in line with the keen interest of the leadership in both brotherly countries to support bilateral relations in all fields and work towards achieving common interests, which will positively impact trade, investment, financial sectors, and enhance financial stability,” Khaled Mohammad Balama, Governor of the Central Bank of the UAE, said.

For his part, Hassan Abdalla, Governor of the Central Bank of Egypt, said that in the framework of the continuous cooperation between the United Arab Emirates and the Arab Republic of Egypt, and in support of the bonds of cooperation, both the Central Bank of the United Arab Emirates and the Central Bank of Egypt have entered into a local currency exchange agreement between the two countries.

The exchange operation is considered the cornerstone in supporting financial cooperation between the two countries using local currency.