UAE and Egypt central banks enter into currency swap agreement – statement

UAE and Egypt central banks enter into currency swap agreement – statement

DUBAI - The Central Bank of the United Arab Emirates (CBUAE) said on Thursday it entered into a bilateral currency swap agreement with the Central Bank of Egypt (CBE).

The CBUAE said in a joint statement with the CBE that the agreement allows for the exchange of the UAE Dirham and the Egyptian Pound with a nominal size of up to 5 billion dirhams ($1.36 billion) and 42 billion Egyptian pounds.

The banks said the aim of the agreement was to promote cooperation.