Central banks of UAE and Egypt agree currency swap

Latest currency support move by UAE comes amid mounting pressure on Egyptian pound

Central Bank of Egypt
The Central Bank of Egypt

The central banks of the United Arab Emirates and Egypt have set up a currency swap line, they announced on September 28.

Khaled Mohammed Balamma, governor of the Central Bank of the United Arab Emirates, and Hassan Abdullah, his Egyptian counterpart, signed the agreement. The Central Bank of Egypt said Sally Refaat, its deputy governor for markets, was also present.

The arrangement allows the two central banks to swap up to E£42 billion ($1.36 billion) and 5 billion dirhams ($1.36 billion)

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