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UAE, Turkey’s C. banks set up swap agreement for currencies

UAE, Turkey’s C. banks set up swap agreement for currencies
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UAE – Mubasher: The Central Bank of the United Arab Emirates (CBUAE) has joined forces with the Central Bank of the Republic of Turkey (CBRT) to establish a bilateral currency swap agreement between the UAE Dirham (AED) and the Turkish lira (TRY).

The nominal size of the swap agreement is mutually AED 18 billion and TRY 64 billion, Emirates News Agency (WAM) reported on Wednesday.

This move aims to enhance trade relations between the two countries in a bid to further boost bilateral financial cooperation.

The agreement duration is three years that can be renewed through a mutual agreement.

Governor of the CBUAE, Khaled Mohamed Balama, 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."

Meanwhile, Şahap Kavcıoğlu, Governor of CBRT, commented: "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."