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Egypt and UAE extend 5-year currency swap
The Central Bank of the United Arab Emirates and the Central Bank of Egypt renewed their currency swap agreement valued at 5 billion AED (approximately 69 billion EGP) for a period of five years. This agreement aims to strengthen financial cooperation and economic stability between the two countries, supporting the use of local currencies in trade settlements, thereby increasing the resilience of the financial system and enhancing collaboration in financing and investment areas. The renewal reaffirms the deep strategic relationships between Egypt and the UAE and their commitment to strengthening economic and financial ties.
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