The “Emirates Central Bank” and the “Bahraini Central Bank” sign a swap agreement between the dirham and the dinar worth 20 billion dirhams.

The Central Bank of the United Arab Emirates and the Central Bank of Bahrain signed a currency swap agreement between the UAE dirham and the Bahraini dinar, during a signing ceremony held virtually.

A press release issued today said that the nominal value of the swap agreement is 20 billion UAE dirhams (2 billion Bahraini dinars), and extends for a period of five years.

The agreement was signed by the Governor of the Central Bank of the UAE, Khaled Mohammed Al Amma, and the Governor of the Central Bank of Bahrain, Khaled Ibrahim Humaidan, in the presence of the governor’s assistants and senior officials from both parties, with the aim of strengthening financial cooperation between the two countries.

Khaled Mohammed Al-Amaa said that this agreement confirms the keenness of the UAE and the Kingdom of Bahrain to expand the horizons of financial and monetary cooperation, and to support trade and investment relations. It also embodies the commitment of both sides to enhance the use of local currencies and develop cooperation frameworks between central banks, which contributes to consolidating financial stability and deepening regional and international partnerships.

For his part, Khaled Ibrahim Humaidan said that this agreement reflects the strength of the established relations between the leadership of the Kingdom of Bahrain and the United Arab Emirates, and represents a milestone that aims to advance the path of bilateral relations between the two brotherly countries towards more advanced levels in various fields. It also contributes to strengthening cooperation between central banks and supporting regional financial integration, economic growth and financial stability.