Egypt and UAE signs currency swap deal worth $1.4 BillionEgypt and United Arab Emirates have signed a currency swap deal worth around $1.4 billion in a move to help the North African country ease its economic crisis. According to a report by Bloomberg, this deal will allow the central banks of both Arab countries exchange their local currencies up to 5 billion dirhams and 42 billion Egyptian pounds. Egypt Currency CrisisBloomberg also reports that Egypt is battling its worst foreign-currency squeeze in years. According to Bloomberg Ecomonist, Ziad Daoud,“With inflation already at a record high, Egypt is unlikely to devalue the currency before the presidential election in December. The agreement was signed during the “Seamless North Africa 2023” conference at the Egypt International Exhibition Center in New Cairo, Egypt.

Source: The North Africa Journal September 29, 2023 19:39 UTC