FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

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.

Put your comments here

N.B: A submit button will appear once you fill out all the required fields.



Related Posts

Share This Post
Linkedin
Google+


Most read

Latest News

Editor's pick

Commentaries

Global Trade Is Winning Trump's War On It

Nearly six months after US President Donald Trump announced his ultra-high "reciproca...

Scaling Back Anti-Poverty Programmes a Colossal Policy Mistake

Faced with a slowing global economy and rising debts, many developing-country governm...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

In Climate Talks, Africa Mortgages Tomorrow Simply to Survive Today

Sep 13 , 2025

At its launch in Nairobi two years ago, the Africa Climate Summit was billed as the f...

Ethiopians Celebrate Big Dreams, While Everyday Realities Cast Shadow

Sep 6 , 2025

The dawn of a new year is more than a simple turning of the calendar. It is a moment...

Will Community Health Insurance Falter Under Its Ambitious Weight?

Aug 30 , 2025

For Germans, Otto von Bismarck is first remembered as the architect of a unified nati...

The Capital Market May Be Too Shallow to Swim In. Beware.

Aug 23 , 2025

Banks have a new obsession. After decades chasing deposits and, more recently, digita...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

The Horizon Ahead

Every Meskerem, as the Ethiopian New Year arrives, the script seems eerily familiar. We rewind the reel of the past twelve months, tot up th...

Beacon of Hope in the Heart of Singapore

When friends of my husband, Mike, and I left for what should have been a routine work trip to Malaysia, n...

Life Matters

Once a Song, Now a Powerhouse, The GERD Arrives

For generations, the dream of harnessing the Abay River has echoed across Ethiopia. It has been spoken of...

A Dose Too Fast

Stories of medical malpractice are unsettling, but they become harrowing when lived personally. What began for me as a trivial blister soon...