CAIRO, July 11 (KUNA) -- The Central Bank of Egypt (CBE) and its Chinese counterpart signed a memorandum of understanding (MoU) on Friday aimed at promoting financial cooperation, local currency settlement, central bank digital currencies, and digital innovation.
A press release by the CBE said that the agreement was signed by CBE Governor Hassan Abdullah and his Chinese counterpart Pan Gongsheng.
The MoU aims to strengthen bilateral financial cooperation, including business exchanges and information sharing in areas such as monetary policy frameworks, financial markets, and payment systems.
It will also enhance local currency settlement cooperation to promote the use of local currencies in current account transactions and direct investment between the two countries, and deepen central bank digital currency and digital innovation cooperation, including information exchange and project cooperation. (end) aff.ao