The agreement allows the CBUAE and the NBE to swap local currencies with a nominal value of up to AED 3 billion and ETB 46 billion. This supports the financial and commercial cooperation between the UAE and Ethiopia through the provision of liquidity in local currencies to financial markets, enabling more effective and efficient settlement of cross-border transactions. The MoU covers several measures that will facilitate the use of the two countries’ local currencies in the settlement of commercial transactions. The bilateral currency swap agreement and the MoUs signed today reflect the robust economic cooperation between the UAE and Ethiopia, specifically in the areas of trade and investment. We look forward to working closely with our partners in Ethiopia to enhance financial stability and achieve our mutual interests.

Source: Ethiopian News July 17, 2024 08:37 UTC