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.



Related Posts

Share This Post
Linkedin
Google+


Most read

Latest News

Editor's pick

Commentaries

Africa's Minerals Shapes the Future of Global Power

The clean energy transition has fueled the global race for critical minerals, transfo...

Climate Action Requires Debt Relief

Today's global economic turmoil is not only about trade. As G20 finance ministers gat...

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

When Pension Funds Nap Inflation Steals the Blanket

May 3 , 2025

Pensioners have learned, rather painfully, the gulf between a figure on a passbook an...

Policymakers Trudge Down a Path of Punitive Taxation

Apr 26 , 2025

Benjamin Franklin famously quipped that “nothing is certain but death and taxes....

Overseas Job Push Evokes Hopes at Home, Hardship Abroad

Apr 20 , 2025

Mufariat Kamil, the minister of Labour & Skills, recently told Parliament that he...

Officials Bank on Student Service to Patch a Fractured Country

Apr 13 , 2025

The federal government will soon require one year of national service from university...

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

Is Struggle the Secret Ingredient in Parenting?

In an age obsessed with convenience and instant gratification, parenting stands at a...

When the Lens Crosses a Line

Over two years ago, on our first wedding anniversary, my husband and I wanted to do something meaningful. We decided to recreate our wedding...

Life Matters

Less Stuff, More Life

There is a little thrill that comes with buying something new, the excitement of having the means, walking out with a bag in hand. That mome...

The House That Deceit Built

A strange paradox continues to surface: what might happen if lying were to vanish entirely from human life? If all communication were filter...