Ethiopia and the UAE execute a currency swap agreement worth up to $817 million

On Tuesday, the central banks of Ethiopia and the United Arab Emirates (UAE) inked a bilateral currency swap deal worth up to 3 billion dirhams ($816.79 million).

Additionally, preliminary agreements were struck by the two central banks to connect their payment and messaging systems and provide a framework for the settlement of cross-border transactions using local currencies.

($1 = 3.6729 dirhams in the UAE)