Egypt, UAE central banks sign currency swap deal

The Central Bank of Egypt (CBE) signed a trade agreement with the Central Bank of the UAE (CBUAE) that involves swapping EGP 42 billion for AED 5 billion, according to an official statement on Thursday.

The agreement was signed by CBE governor Hassan Abdullah and the CBUAE governor Khaled Mohamed Balama to facilitate and boost trade exchange between both countries.

This deal promotes cooperation between the Egyptian and Emirati financial sectors in their respective currencies," Hassan Abdullah commented.

For his part, Balama said the deal represents a chance to deepen cooperation between CBUAE and CBE in various sectors, including trade, investment, and finance.