Turkey and UAE sign local currency swap agreement

The Turkish Central Bank said – today, Wednesday – that it had signed a currency exchange agreement with the Central Bank of the Emirates with a nominal volume of 64 billion liras ($4.7 billion) and 18 billion dirhams, according to Reuters.

The bank said that the agreement, which aims to enhance bilateral trade and forms of financial cooperation between the two countries, will last for a period of 3 years, with the possibility of extending it with the agreement of the two parties.

Anadolu Agency said that the agreement was signed by the Governor of the Central Bank of Turkey, Shehab Kavcioglu, and his Emirati counterpart, Khaled Muhammad Balama.

The statement included statements by Turkish and Emirati officials. Kavcioglu stressed that the agreement is an indication of the two countries’ insistence on deepening bilateral trade in local currencies.

For his part, Al-Amma said that the agreement is evidence of the two countries’ desire to increase bilateral cooperation in financial matters, especially in the field of trade and investments.

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