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The Central Bank of Egypt and the Central Bank of the UAE have renewed their local currency swap agreement, with a nominal value of AED 5 billion, equivalent to approximately EGP 69 billion.

The five-year agreement was signed at the UAE Central Bank’s headquarters by Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and Hassan Abdalla, Governor of the Central Bank of Egypt.

The renewed currency swap is aimed at strengthening financial and banking cooperation between Egypt and the UAE, supporting bilateral trade and investment flows, and contributing to economic development in both countries.

Khaled Mohamed Balama said the renewal reflects the strength of the strategic relationship between the UAE and Egypt and their shared commitment to expanding financial and banking cooperation.

He noted that the agreement is expected to support financial stability and facilitate trade and investment transactions between the two countries, while advancing efforts to increase the use of local currencies in bilateral settlements.

Hassan Abdalla said the renewed swap agreement represents an extension of the close cooperation between the two countries and supports efforts to strengthen their economic ties.

He added that the arrangement provides an important mechanism for expanding the use of local currencies in trade and financial settlements and enhancing the resilience of financial markets in both countries.

The two central banks reaffirmed their commitment to continued cooperation in the financial and banking sectors, with the aim of supporting mutual interests, economic stability and sustainable growth in Egypt and the UAE.