UAE, Turkey Sign Currency Swap Agreement

The central bank of the United Arab Emirates (CBUAE) and the Central Bank of Turkey on Wednesday announced the signing of a three-year currency swap deal worth $4.09 billion.

In a statement, the Turkish Central Bank said that the deal was aimed at strengthening bilateral trade and improving financial cooperation between the two countries.

The Governor of the Central Bank of the UAE, Khaled Mohamed Balama, and  the Governor of the Central Bank of Turkey Prof. Şahap Kavcıoğlu signed the agreement with the possibility of an extension through mutual agreement, the statement added.

“Today’s agreement with the Turkish Central Bank is the reflection of the two countries’ desire to promote bilateral cooperation in financial areas,” Balama said.

Balama furthered that the agreement will help the two countries to enhance trade and investments.

Prof. Kavcıoğlu also termed the agreement vital to boost mutual cooperation, saying this agreement demonstrated the two central banks’ commitment to deepen bilateral trade.

The sole aim of this agreement is to advance economic and financial relations between the countries, Kavcıoğlu added.

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