Mubasher: The Central Bank of the UAE (CBUAE) and the Central Bank of Bahrain (CBB) inked a AED/BHD currency swap agreement, the Emirates News Agency (WAM) reported.
Khaled Mohamed Balama, Governor of the CBUAE, signed the deal with Khalid Humaidan, Governor of the CBB, at a nominal value of AED 20 billion (BHD 2 billion), with a tenor of five years. It aims to boost financial cooperation between the two Gulf nations.
Balama emphasized that the partnership supports both sides’ shared commitment to expanding financial and monetary cooperation, as well as fostering bilateral trade and investment.
The agreement will contribute to promoting the use of local currencies and advancing cooperation frameworks between central banks, strengthening financial stability and deepening regional and international partnerships.
For his part, Humaidan pointed out that the swap deal will advance regional financial integration, stimulate economic growth, and reinforce financial stability in both countries.
