Emirates and Kenya towards settling transactions with local currencies and linking payment systems
Abu Dhabi, June 3 / WAM / His Excellency Khaled Mohammed was signed by the Governor of the United Arab Emirates Bank, and His Excellency Dr. Kamao Thaj, Governor of the Central Bank of Kenya, two memoranda of understanding aimed at establishing a framework that supports the use of local currencies in bilateral transactions, and linking payment systems and financial correspondence with the two countries.
The signing ceremony of the two notes witnessed the aides of the governor of the Emirates Central Bank and a number of senior officials from both sides.
The Central Bank of the Central Bank and the Central Bank of Kenya will work under the first memorandum of understanding to consolidate the economic partnership between the United Arab Emirates and the Republic of Kenya, and to develop their financial markets in a sustainable manner, in addition to the use of local currencies to settle bilateral financial and commercial transactions.
The two parties will also cooperate according to the second memorandum of understanding in the field of payment and settlement systems by discussing opportunities to link immediate payment systems, and their cards share in line with organizational and oversight requirements. His Excellency Khaled Mohammed Al -Amma, Governor of the Emirates Central Bank, said that signing the two memoranda of understanding reflects the economic relations between the UAE and the Republic of Kenya, noting that activating the mechanisms of using local currencies in settling cross -border transactions, and linking immediate payment systems will enhance commercial and investment opportunities, and will pave the way for more common prospects in the financial and banking sector.
His Excellency Dr. Kamao Thaj, Governor of the Central Bank of Kenya, The economic and cultural ties between the Republic of Kenya and the United Arab Emirates dates back to long decades, as commercial relations have witnessed remarkable growth in recent years, indicating that the memoranda of understanding will contribute to the consolidation of these relations, and the construction of sustainable and canable partnerships in the financial and banking sectors between the two countries, as Starchean settling bilateral transactions in local currencies in a way Faster at a low cost, which enhances the efficiency of cross -border payments.
He added: In light of the rapid development of payment technology, which is a pioneer in this field, the two memoranda of understanding will support the development of payment systems, which will be in the interest of the two countries.
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