Skip to content Skip to Search
Skip navigation

UAE and Egypt sign currency swap agreement

By Pramod Kumar
UAE Egypt central bank governors Wam
The currency swap agreement was signed by Hassan Abdalla, governor of the Central Bank of Egypt and Khaled Mohamed Balama, governor of the Central Bank of the UAE

The central banks of the United Arab Emirates and Egypt have signed a bilateral swap deal in local currencies to boost trade and bolster financial stability.

The agreement allows for the exchange of UAE dirhams and Egyptian pounds with a nominal amount of up to AED5 billion ($1.36 billion) and EGP42 billion, the UAE state-run Wam news agency reported.

The Central Bank of UAE governor Khaled Mohamed Balama said the bilateral currency swap agreement is an opportunity to promote cooperation and develop the respective economic and financial markets.

“The Central Bank is keen to deepen its cooperation with the Egypt central bank to achieve common interests, positively impact the trade, investment and financial sectors, and enhance financial stability,” said Balama.

Egypt’s central bank governor Hassan Abdalla added: “I am confident (the agreement) will bolster cooperation between both financial sectors in their respective currencies”.

Egypt has been facing a hard currency crunch, with the pound falling by nearly half against the dollar since March 2022 following the Russia-Ukraine conflict.

The UAE, Saudi Arabia and Qatar have deposited in Egypt’s central bank, pledging significant investments to ease the country’s financial woes.

Latest articles

Turkey oil gas Somalia

Search for oil off Somalia has double motive for Turkey

Turkey’s search for oil and gas off the coast of Somalia is not just a bid to free it from a dependence on imports, observers say – the move has a geopolitical aspect, too. On October 5 the 4,800-tonne energy research vessel Oruç Reis sailed through Istanbul’s Bosphorus Strait on the first leg of its […]

The Oman desert at night. Its location near the equator makes it suitable for its planned spaceport, alongside its satellite

Oman to acquire its first national satellite

Oman is in the process of acquiring its first national satellite, the head of the country’s space programme has revealed. As part of the sultanate’s national development plan, Vision 2040, it aims to have the information and communication technology sector, which includes space technology, contribute 10 percent to the overall GDP by 2040.  “Oman is […]

Abu Dhabi has issued new tenders to enhance storm infrastructure in areas severely impacted by April’s unprecedented rainfall

Storm infrastructure upgrade for Abu Dhabi goes out to tender

Tenders to enhance storm infrastructure have been issued by Abu Dhabi in areas severely impacted by April’s rainfall, the heaviest in 75 years. The tenders include projects in Al Dhafra, such as upgrading rainwater drainage networks in Ghayathi, constructing a stormwater network in Delma City and designing a main stormwater line in Madinat Zayed. A […]

Wynn licence

Wynn scores UAE’s first commercial gaming licence

Wynn Resorts, the US hospitality group, has won the first commercial gaming operator’s licence in the UAE. The company, which has its headquarters in Las Vegas, is building a $4 billion, 1,500-room resort on Al Marjan Island in Ras Al Khaimah, which is expected to open in 2027. The resort has now been licensed by […]