The agreement was signed at the CBUAE headquarters by CBUAE Governor Khaled Mohamed Balama and CBE Governor Hassan Abdalla.
The renewal reflects the two central banks’ continued efforts to deepen bilateral financial and banking cooperation, promote the use of local currencies in settlements, and support financial stability and economic development, according to a CBUAE statement.
Balama said the agreement reflects the strength of the strategic ties between both nations and their commitment to expanding financial and banking cooperation.
The agreement, he added, will help support financial stability and facilitate trade and investment operations between the two countries, while contributing to efforts to increase the use of local currencies in bilateral settlements.
For his part, Abdalla said the renewal extends the close cooperation between Egypt and the UAE and supports efforts to strengthen their economic ties.
He described the agreement as a tool to promote transactions in local currencies for commercial and financial settlements, contributing to the resilience of financial markets in both countries.
Abdalla added that the agreement could open wider opportunities for cooperation in finance and investment and support the economic development plans of both countries.
The two central banks reaffirmed their commitment to further strengthening financial and banking cooperation, supporting financial stability and promoting economic growth in Egypt and the UAE.
History of the Egypt–UAE swap line
The original EGP–AED swap was announced in late September 2023, with a nominal size of AED 5 billion (about EGP 42 billion at the time, roughly $1.36 billion).
It was framed as part of broader Gulf support for Egypt amid a severe dollar shortage, a sharp depreciation of the pound, and high external financing needs following the Russia–Ukraine war and regional spillovers.
The deal was signed by CBUAE Governor Khaled Mohamed Balama and CBE Governor Hassan Abdalla, and presented as a tool to deepen financial cooperation and promote local‑currency settlement between the two economies.
The Egypt–UAE currency swap line is a bilateral liquidity facility between the two banks to help Egypt manage a severe foreign‑currency squeeze while deepening financial ties and encouraging trade settlement in local currencies rather than dollars.
Short link: