The Central Bank of Egypt said on 29 September that it renewed the dirham–Egyptian pound currency swap agreement with the Central Bank of the UAE. The signing took place at the UAE central bank’s headquarters. The agreement has a nominal value of AED 5 billion, which the Egyptian central bank equates to EGP 69 billion, and runs for five years.

The central banks said the arrangement is intended to support bilateral trade and financial cooperation and expand the use of local currencies in bilateral settlements. The announcement provides the nominal value and term; it does not report realised trade volumes, actual use of the facility or an effect on either country’s foreign reserves.