UAE and India consider currency swap

The UAE Central Bank has signed an agreement with the Reserve Bank of India to consider a currency swap deal between the two countries.

The memorandum of understanding was signed last Friday in Mumbai during Abu Dhabi Crown Prince and deputy supreme commander of the armed forces Sheikh Mohamed bin Zayed Al Nahyan’s visit to India.

State news agency WAM said the agreement “signals a new stage of cooperation, which will strengthen economic ties” between the two countries.

In December, the UAE and China renewed a currency swap deal for a further three years, with a swap line of $5.42bn, during Sheikh Mohamed’s visit to the country.