Central banks of UAE and Egypt agree currency swap

The central banks of the United Arab Emirates and Egypt have arrange a forex swap line, they introduced on September 28.

Khaled Mohammed Balamma, governor of the Central Financial institution of the United Arab Emirates, and Hassan Abdullah, his Egyptian counterpart, signed the settlement. The Central Financial institution of Egypt mentioned Sally Refaat, its deputy governor for markets, was additionally current.

The association permits the 2 central banks to swap as much as E£42 billion ($1.36 billion) and 5 billion dirhams ($1.36 billion)

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