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Ethiopia, UAE Sign Currency Swap Deal

Jul 16 , 2024

An agreement that allows the exchange of loans and interest payments between Birr and Dirham, Emirates' national currency, has been signed between the National Bank of Ethiopia (NBE) and the Central Bank of the United Arab Emirates (CBUAE).

With a nominal value of up to three billion Dirham and 46 billion Br, it is expected to facilitate cross-border transactions and make it easier for businesses to trade goods and services between the two countries, and attract direct investments.

Mamo Mihretu, governor of the NBE, and Khaled Mohamed Balama, governor of the CBUAE, signed the Memorandum of Understanding (MoU) today in Abu Dhabi.

"This is an important funding opportunity for Ethiopia," said Mamo. "And, it helps diversify the range of currencies available for growing volumes of trade and investment transactions in the coming years."

The partnership is expected to extend to payment platform services and electronic switches, including interlinking their instant payment systems, national switch operators, and messaging systems to comply with regulatory requirements. According to a statement by the central bank, the MoU outlines measures to facilitate the use of these currencies in commercial transactions, encouraging financial and banking cooperation through knowledge sharing, and supporting the development of financial markets.

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