Manama : The Central Bank of Bahrain (CBB) and the Central Bank of the United Arab Emirates (CBUAE) announced the establishment of a currency swap agreement between the Bahraini dinar (BHD) and the UAE dirham (AED), signed during a virtual ceremony.
The agreement has a nominal value of BHD 2 billion (AED 20 billion) and a term of five years.
It was signed by Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates, and Khalid Humaidan, Governor of the Central Bank of Bahrain, and aims to strengthen financial and monetary cooperation between the two countries.
Balama said the agreement supports efforts to expand cooperation, strengthen trade and investment ties, and promote the use of local currencies, contributing to financial stability and broader partnerships.
Humaidan said the agreement reflects the longstanding ties between the Kingdom of Bahrain and the United Arab Emirates and supports further cooperation between the two central banks, noting its role in enhancing financial integration and supporting economic growth.
