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بوابة الفجر
UAE and Egypt renew currency swap
The Central Bank of the United Arab Emirates and the Central Bank of Egypt have renewed their currency swap agreement between the UAE dirham and the Egyptian pound, valued at 5 billion dirhams, equivalent to 69 billion Egyptian pounds, for a period of five years. The agreement aims to enhance financial cooperation, support economic stability, and facilitate commercial and investment settlements between the two countries, with a focus on strengthening the use of local currencies in bilateral transactions. The parties confirm that this step reflects the depth of their strategic relationship and contributes to bolstering the resilience of financial markets and economic development in both the UAE and Egypt.
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