Central Bank of Egypt, Central Bank of UAE sign Bilateral Currency Swap Agreement

September 28, 2023

The Central Bank of Egypt (CBE) and the Central Bank of the UAE (CBUAE) have on Thursday entered into a Bilateral Currency Swap Agreement between the UAE Dirham (AED) and the Egyptian Pound (EGP).

The agreement, allows for the exchange of local currencies between the two central banks with a nominal size of up to AED 5 billion and EGP 42 billion.

CBE Governor Hassan Abdalla has signed the agreement with CBUAE Governor Khaled Mohamed Balama.

Commenting on the agreement, CBE Governor Hassan Abdalla said: “In support of the continued robust relations between the UAE and Egypt, the Central Bank of the UAE and the Central Bank of Egypt have entered into a Bilateral Currency Swap Agreement, which I am confident will bolster cooperation between both financial sectors in their respective currencies.”

Meanwhile, CBUAE Governor Khaled Mohamed Balama said: “The Bilateral Currency Swap Agreement between the UAE and Egypt reflects the strong relationship between the two countries and serves as an opportunity to promote cooperation and develop our respective economic and financial markets.

“In line with the efforts of the UAE and Egypt’s leadership to collaborate more broadly across multiple areas, the CBUAE is keen to deepen its cooperation with the CBE to achieve common interests, positively impact the trade, investment and financial sectors, and enhance financial stability.” Balama added.