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UAE, Egypt central banks renew currency swap agreement
With a nominal value of Dh 5 billion, the agreement is valid for five years
- PUBLISHED: Tue 29 Sept 2026, 6:03 PM
The central banks of UAE and Egypt (CBUAE and CBE) have renewed their currency swap agreement. With a nominal value of Dh 5 billion, equivalent to EGP 69 billion, the agreement is valid for five years.
The renewal underscores the commitment of both central banks to promoting bilateral trade, deepening financial cooperation, and supporting economic development in both countries.
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The agreement was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Hassan Abdalla, Governor of the CBE.
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Balama said that the signing "reflects the depth and strength of the strategic relationship between the UAE and Egypt, and demonstrates our shared commitment to advancing financial and banking cooperation."
"This agreement contributes to financial stability and facilitates trade and investment flows between the two countries. It also marks a significant step forward in our efforts to promote greater use of local currencies in bilateral settlements, in line with international best practices," he added.
Abdalla said, "The renewal of the local currency swap agreement between the CBUAE and the CBE builds on the close cooperation between the two brotherly countries and supports joint efforts to deepen economic ties. The agreement provides an important mechanism for promoting the use of local currencies in trade and financial settlements, thereby enhancing the resilience of financial markets in both countries. We look forward to this agreement creating broader opportunities for cooperation in finance and investment, contributing to economic development objectives in both countries."
