This is the fourth article in the series ‘Egyconomy’ by Egyptian Streets, where Marina Makary explores current trends and debunks popular misconceptions surrounding the Egyptian economy. The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) signed a bilateral currency swap agreement involving the UAE dirham and the Egyptian pound, last Thursday, 28 September Inked by Governor of the CBUAE Khaled Mohamed Balama and Governor of the CBE Hassan Abdalla, the agreement allows the two central banks to exchange up to USD 1.36 billion, roughly AED 5 billion and EGP 42 billion. “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 said in an official statement. During signage with His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE) #CentralBankUAE, both countries have entered into a Bilateral Currency Swap Agreement between the Egyptian Pound (EGP) and Dirham (AED), which will allow the… pic.twitter.com/F32OM1zotS…
What Does the Recent UAE-Egypt Currency Swap Mean for Egypt’s Economy?
October 4, 2023
