Egypt’s foreign reserves seen rising after CBE-CBUAE currency swap – SAIB chair

The recent currency swap agreement between the Central Bank of Egypt (CBE) and the Central Bank of the UAE (CBUAE) will help Egypt’s foreign reserves, said SAIB Bank chairman on Sunday.

Tarek El-Kholy also said the agreement is a positive step towards easing foreign currency shortage, and reducing reliance on the dollar.

El-Kholy said that the CBE is exerting all the efforts to help boost the investors’ trust in the Egyptian economy by carrying out measures to increase monetary stability.

On Friday, the Central Bank of Egypt (CBE) and the Central Bank of the UAE (CBUAE) have signed a local-currency swap agreement worth $1.4 billion. The deal will allow for the exchange of local currencies between the countries’ central banks up to 5 billion dirhams and 42 billion Egyptian pounds.