ISTANBUL, Jan 19 (KUNA) -- The central banks of Turkey and the United Arab Emirates (UAE) signed Wednesday a bilateral currency swap agreement for a period of three years.
The Turkish Central Bank said in a statement that the nominal value of the agreement is 64 billion Turkish liras and 18 billion UAE dirhams.
The agreement aims to increase financial cooperation between the two countries through the development of bilateral trade and will stand for three years, added the Bank.
Turkish Central Bank Governor Sahap Kavcioglu and Emirati counterpart Khalid Mohammad Balama, signed the agreement with the possibility of extending it if the two countries agree on it.
Kavcioglu stated that the agreement represents the two countries' commitment to deepening bilateral trade in local currencies.
On his part, Balama explained that the agreement also represents the two countries desire in enhancing the bilateral cooperation in financial matters, particularly in the fields of trade and investments.
The agreement comes after Abu Dhabiآ’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan visited Turkey late last year, as the two countries are working to mend strained relations in recent years. (end)