2023-09-29 18:42:40
Dubai: UAE and Egypt sign currency exchange agreement A new arrangement between the UAE dirham and the Egyptian pound was introduced under the leadership of the respective central banks.
With this, the Central Bank has stated that it is expected that the economic trade between the two countries will increase.
Central Bank of UAE Governor Khalid Mohammed Balama and Egyptian Governor Hassan Abdullah signed the agreement. The agreement allows the exchange of nominal local currencies of up to 5 billion dirhams or 42 billion Egyptian pounds ($1.36 billion) between the two entities.
The agreement has terms and conditions for making periodic interest payments along with exchange of currencies. The agreement will help to boost the financial markets and strengthen mutual cooperation in various sectors.
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