Khaberni - The Central Bank of the UAE and the Central Bank of Bahrain signed an agreement to swap the dirham and the dinar valued at more than 5 billion dollars in remotely concluded procedures.
The press release stated that the nominal value of the swap agreement amounts to 20 billion Emirati dirhams and 2 billion Bahraini dinars and extends for five years.
The agreement was signed by the Governor of the Central Bank of the UAE, Khaled Mohammed Balama, and the Governor of the Central Bank of Bahrain, Khaled Ibrahim Humaidan, in the presence of the assistant governors and senior officials from both sides, with the aim of enhancing financial cooperation between the two countries.
Khaled Mohammed Balama affirmed that the agreement reflects the keenness of the State of the UAE and the Kingdom of Bahrain to expand the scope of financial and monetary cooperation, and to support trade and investment relations, indicating that it embodies the commitment of both sides to enhance the use of local currencies and develop cooperation frameworks between the central banks, which enhances financial stability and deepens regional and international partnerships.
For his part, Khaled Ibrahim Humaidan explained that the agreement reflects the strength of the deep-rooted relations between the leaderships of the two countries, and represents an important step towards advancing bilateral relations to higher levels in various fields, in addition to supporting cooperation between the central banks and enhancing regional financial integration, economic growth, and financial stability.
