Huge Turkish-Emirati agreement to exchange local currencies

Huge Turkish-Emirati agreement to exchange local currencies


The central banks of Turkey and the UAE signed, on Wednesday, a huge agreement worth billions of dollars, up to three years, under which local currencies will be exchanged.

The Central Bank of Turkey said in a statement that the nominal value of the agreement is 64 billion Turkish liras and 18 billion UAE dirhams.

He added that the agreement aims to increase financial cooperation between the two countries through the development of bilateral trade, and will be valid for 3 years.

The agreement was signed by the Governor of the Central Bank of Turkey, Shihab Kavcioglu, and his Emirati counterpart, Khaled Muhammad Balama, with the possibility of extending it by consensus between the two countries.

The statement included statements by Turkish and Emirati officials, and Kavcioglu stressed that the agreement is an indication of the two countries’ insistence on deepening bilateral trade in local currencies.

For his part, Balameh said that the agreement is evidence of the two countries’ desire to increase bilateral cooperation in financial matters, especially in the field of trade and investments, according to the Turkish “Anatolia” agency.

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