The central banks of Turkey and the United Arab Emirates (UAE) have inked a swap agreement with a nominal size of 18 billion UAE dirhams and TL 64 billion ($4.7 billion), the Central Bank of the Republic of Turkey (CBRT) announced Wednesday.
“The agreement, which is designed to promote bilateral trade with the aim of further strengthening financial cooperation between the two countries, will stand for a period of three years, with the possibility of an extension through mutual agreement,” a statement released by the CBRT said.
UAE central bank governor Khaled Mohamed Balama and CBRT Governor Şahap Kavcıoğlu signed the deal on behalf of the respective parties, it added.
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