How will Egypt benefit from the currency swap agreement with UAE?

Economists have touched on the various advantages the Egyptian economy may receive from the currency swap agreement signed on Thursday with the UAE.

Egypt and the UAE signed an agreement that allows the two parties to exchange the Egyptian pound and the UAE dirham, with a nominal value of up to LE42 billion or five billion AED.

According to one economist, the agreement provides Egypt with its needs for services and goods, while another said that it reduces pressure on the US dollar demand in Egypt.

It comes under efforts to strengthen close relations between the two countries at all levels, which contributes to facilitating and increasing the volume of trade exchange between them, the Emirates News Agency quoted the Governor of the Central Bank of Egypt, Hassan Abdullah as saying.

And the Governor of the Central Bank of the UAE, Khaled Mohamed Balama, stated that the agreement reflects the depth of bilateral relations between both nations.

It constitutes an important opportunity to develop the economic and financial markets between the two sides in all fields, he said, which reflects positively on the commercial, investment and financial sectors and enhances financial stability.

Courtesy:- egyptindependent

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