Turkish, UAE central banks ink a swap deal

Central banks of the United Arab Emirates (UAE) and Turkey signed a bilateral currency swap agreement.

According to a statement by the Turkish Central Bank, the nominal size of the deal is mutually AED 18bn and TRY 64bn.

The agreement aims to enhance bilateral trade and to further strengthen financial cooperation between the two countries.

“It will stand for a period of three years, with the possibility of an extension through mutual agreement,” the statement read.

“This agreement demonstrates the two central banks’ commitment to deepen bilateral trade in local currencies in order to advance economic and financial relations between our countries,” the Turkish Central Bank Governor Sahap Kavcioglu noted.

The UAE Central Bank Governor Khaled Mohamed Balama also said: “Signing this agreement with the Central Bank of the Republic of Turkey reflects each nation’s desire to enhance bilateral cooperation in financial matters, particularly in the fields of trade and investments between the two countries.”

With this latest agreement, the Turkish Central Bank’s total swap figure with foreign central banks reached USD 28bn.

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