Ethiopia, UAE Sign Currency Swap Deal
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, 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...