Manama, April 8 (BNA): During a virtual ceremony, the Central Bank of Bahrain (CBB) and the Central Bank of the United Arab Emirates (CBUAE) announced the creation of a currency exchange agreement between the Bahraini dinar (BHD) and the UAE dirham (AED).
CBB, CBUAE sign BHD 2 billion currency swap agreement
The deal has a five-year term and a nominal value of BHD 2 billion (AED 20 billion).
It is intended to improve financial and monetary cooperation between the two nations and was signed by Khalid Humaidan, governor of the Central Bank of Bahrain, and Khaled Mohamed Balama, governor of the Central Bank of the United Arab Emirates.
According to Balama, the agreement promotes initiatives to increase collaboration, fortify trade and investment connections, and encourage the usage of local currencies, all of which contribute to greater partnerships and financial stability.
Humaidan noted the agreement’s role in boosting financial integration and promoting economic progress and said it shows the long-standing relations between the Kingdom of Bahrain and the United Arab Emirates and encourages more collaboration between the two central banks.
