The Central Bank of the United Arab Emirates and the Central Bank of Bahrain have signed a currency swap agreement between the UAE dirham and the Bahraini dinar. The signing ceremony was held virtually. According to a press release issued today, the nominal value of the swap agreement is 20 billion UAE dirhams (2 billion Bahraini dinars), and it extends for a period of five years. The agreement was signed by the Governor of the Central Bank of the UAE, Khaled Mohamed Al-Bayat, and the Governor of the Central Bank of Bahrain, Khaled Ibrahim Humaidan, in the presence of the deputies of the governors and senior officials from both sides, aiming to enhance financial cooperation between the two countries. Khaled Mohamed Al-Bayat stated that this agreement confirms the commitment of the UAE and Bahrain to expanding financial and monetary cooperation, and supporting trade and investment relations. It also reflects the commitment of both parties to promoting the use of local currencies and developing frameworks for cooperation between central banks, which contributes to strengthening financial stability and deepening regional and international partnerships. In turn, Khaled Ibrahim Humaidan said that this agreement reflects the strength of the solid relations between the leadership of the Kingdom of Bahrain and the United Arab Emirates, and represents a significant milestone in advancing the bilateral relations between the two brotherly countries to more advanced levels in all fields. It also contributes to enhancing cooperation between central banks, supporting regional financial integration, economic growth, and financial stability.
