UAE, Egypt renew $1.36bn currency swap for 5 years

RIYADH: The UAE and Egypt renewed a 5 billion UAE dirhams ($1.36 billion) currency swap agreement for five years, strengthening financial links between the two countries as bilateral trade continues to expand. The agreement, equivalent to 69 billion Egyptian pounds, was signed by the Central Bank of the UAE and the Central Bank of Egypt at the CBUAE’s headquarters by the respective institutions' governors, according to a statement. Local-currency settlements The swap is intended to support bi