Abu Dhabi (Etihad)
The Central Bank of the United Arab Emirates and the Central Bank of the Republic of Turkey signed today a bilateral agreement to swap currencies between the UAE dirham and the Turkish lira. The nominal value of the swap agreement is 18 billion dirhams and 64 billion Turkish liras.
The agreement aims to enhance financial and trade cooperation between the two countries, and its term is valid for three years, with the possibility of extending it through a joint agreement.
The agreement was signed by His Excellency Khalid Muhammad Balama, Governor of the Central Bank of the Emirates, and His Excellency Shihab Kocioglu, Governor of the Central Bank of the Republic of Turkey.
Commenting on the signing of the agreement, His Excellency Khalid Muhammad Balama said: “The signing of the agreement with the Central Bank of the Republic of Turkey reflects the two countries’ keenness to enhance bilateral cooperation in financial matters, especially in the commercial and investment fields.”
For his part, Professor Shihab Kocioglu said: “The signed swap agreement confirms the commitment of the UAE Central Bank and the Central Bank of Turkey to enhance bilateral trade in local currencies in order to push forward the economic and financial relations between our two countries.”
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