CBE-CBUAE currency swap boosts investors’ confidence in Egypt economy: QNB Al Ahli CEO

The recent currency swap agreement between the Central Bank of Egypt (CBE) and the Central Bank of the UAE (CBUAE) will boost investors’ confidence in the Egyptian economy, QNB Al Ahli CEO said on Sunday.

Mohamed Bedeir said the agreement will help mitigate the adverse effects of hard currency pressures in the upcoming period.

It is a step forward in the bilateral relations between the two countries, Bedeir added.

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.