MANAMA, April 8 (Xinhua) -- The Central Bank of Bahrain and the Central Bank of the United Arab Emirates (UAE) signed on Wednesday a currency swap agreement worth 2 billion Bahraini dinars (around 5.3 billion U.S. dollars).
The deal aims to strengthen financial and monetary cooperation between the two countries, the Bahrain News Agency reported.
The agreement was signed during a virtual ceremony and will remain in effect for five years, according to the two central banks.
It was signed by Khaled Mohamed Balama, governor of the UAE Central Bank, and Khalid Humaidan, governor of the Central Bank of Bahrain.
The two sides said the agreement is intended to support closer financial cooperation, bolster trade and investment ties, and promote the use of local currencies.
Balama said the deal would help expand bilateral cooperation and contribute to financial stability as well as broader regional and international partnerships.
Humaidan said the agreement reflects the longstanding ties between the two countries and supports further cooperation between the two central banks, while also enhancing financial integration and supporting economic growth.
