Egypt and UAE Renew Dirham-Pound Currency Swap Agreement

The Central Bank of the UAE and the Central Bank of Egypt renewed their currency swap agreement covering the Emirati dirham and the Egyptian pound.

The renewal was signed during a ceremony held today at the UAE central bank’s headquarters.

The agreement maintains a bilateral framework for exchanging the two countries’ currencies, continuing an existing arrangement between their monetary authorities.

Currency swap arrangements provide a mechanism for central banks to exchange local currencies. The brief announcement did not specify the renewed agreement’s value, duration or financial terms.