The UAE Central Bank signs an agreement with its Egyptian counterpart to swap dirhams and pounds

Today, the Central Bank of the United Arab Emirates and the Central Bank of Egypt signed a bilateral agreement to swap the UAE dirham and the Egyptian pound.

The agreement was signed by His Excellency Khaled Mohammed Balama, Governor of the Central Bank of the Emirates, and His Excellency Hassan Abdullah, Governor of the Central Bank of Egypt.

The agreement allows the two parties to swap local currencies with a nominal value of up to 5 billion UAE dirhams and 42 billion Egyptian pounds.
His Excellency Khaled Mohammed Al-Amaa, Governor of the Central Bank of the Emirates, said: “The currency swap agreement between the two countries reflects the depth and strength of bilateral relations between the UAE and the Arab Republic of Egypt, and constitutes an important opportunity to develop the economic and financial markets between the two sides based on the keenness of the wise leadership of the two brotherly countries to support bilateral relations.” In all fields, and work to achieve common interests, which will reflect positively on the commercial, investment and financial sectors and enhance financial stability.”

In turn, His Excellency Hassan Abdullah, Governor of the Central Bank of Egypt, said: “Within the framework of continued cooperation between the sisterly State of the United Arab Emirates and the Arab Republic of Egypt, and in support of the bonds of cooperation, the Central Bank of the United Arab Emirates and the Central Bank of Egypt concluded a swap agreement in local currencies between the two countries. It is considered a process “Bartering is the cornerstone of supporting financial cooperation between the two countries in local currency.”