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Egypt and UAE renew 5bn dirham swap
The Central Bank of the United Arab Emirates and the Central Bank of Egypt renewed their currency swap agreement between the UAE Dirham and the Egyptian Pound, valued at 5 billion Dirhams (approximately 69 billion Egyptian Pounds), for a period of five years. This agreement aims to strengthen bilateral trade, deepen financial cooperation, and support financial stability between the two countries. It also contributes to increased use of local currencies in financial settlements, thereby enhancing economic resilience and supporting economic development in the UAE and Egypt.
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