The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Turkey (CBRT) declared the launch of a Bilateral Currency Swap Agreement betwixt the UAE Dirham (AED) and the Turkish Lira (TRY) on 19th January 2022.
The trifling size of this Bilateral Currency Swap Agreement is mutually AED 18 billion (USD 4.90 billion) and TRY 64 billion (USD 4.71 billion).
The Bilateral Currency Swap Agreement, which is fabricated to endorse bilateral trade to further enhance financial collaboration betwixt the two nations, will prevail for a tenure of 3 years, with the possibility of a prolongation via mutual agreement.
The Agreement was authenticated by His Excellency Professor Şahap Kavcıoğlu, Governor of the Central Bank of the Republic of Turkey and His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE.
Post authentication, His Excellency Khaled Mohamed Balama stated that the financial collaboration with the Central Bank of the Republic of Turkey imitates every country’s desire to strengthen bilateral cooperation in fiscal matters, especially in the fields of investments and trade betwixt the two nations.
His Excellency Professor Şahap Kavcıoğlu, stated that the collaboration demonstrated the commitment of the two central banks to broaden bilateral trade in regional currencies to progress economic and financial relationships betwixt their nations.
About Central Bank of Turkey
The Central Bank of the Republic of Turkey is specifically responsible for driving the fiscal and exchange rate policies in Turkey.
The bank’s duties and errands established by the Central Bank Law address – price stability, financial stability, exchange rate regime, the privilege of printing and issuing banknotes, and payment systems.
About Central Bank of the UAE
The Central Bank of the UAE enhances fiscal and monetary stability, competence, and elasticity in the financial system, alongside the protection of clients via effective administration that underpins economic progression for the profit of the UAE and its citizens.
