The central banks of the UAE and Ethiopia signed on Tuesday a bilateral agreement to swap the currencies of the two countries at a value of up to 3 billion dirhams ($816.79 million).
The two central banks also signed two memorandums of understanding to enhance the use of local currencies and link payment systems and financial correspondence between the two countries.
In May, the Central Bank of the UAE announced the signing of a memorandum of understanding with its Indonesian counterpart aimed at supporting the accelerated trade growth between the two countries, by establishing a framework to enhance the use of local currencies in settling intra-regional transactions.
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