https://en.sputniknews.africa/20240717/ethiopia-uae-sign-preliminary-agreements-on-use-of-national-currencies-in-bilateral-transactions-1067527579.html
Ethiopia, UAE Sign Preliminary Agreements on Use of National Currencies in Bilateral Transactions
Ethiopia, UAE Sign Preliminary Agreements on Use of National Currencies in Bilateral Transactions
Sputnik Africa
Ethiopia is facing a foreign exchange crisis despite holding reserves of $3.46 billion. Talks with the International Monetary Fund (IMF) and World Bank... 17.07.2024, Sputnik Africa
2024-07-17T11:34+0200
2024-07-17T11:34+0200
2024-07-17T12:12+0200
ethiopia
united arab emirates (uae)
addis ababa
international monetary fund (imf)
world bank
currency
alternative currency
east africa
sub-saharan africa
economy
https://cdn1.img.sputniknews.africa/img/07e8/07/11/1067527688_0:0:2839:1597_1920x0_80_0_0_1fb2720a9f87a4fab8e5797dc450fb04.jpg
The National Bank of Ethiopia (NBE) and the Central Bank of the United Arab Emirates (CBUAE) have signed a preliminary memorandum of understanding (MoU) on the use of the two countries' national currencies in bilateral transactions.In addition, Abu Dhabi and Addis Ababa, which is facing a significant foreign exchange shortage, signed a bilateral national currency swap agreement of up to 3 billion dirhams for 46 billion birr, or nearly $817 million.The preliminary deal also lays the groundwork for linking the payment and bank messaging systems of the two countries, facilitating cross-border transactions.NBE Governor Mammo Mihretu, for his part, said the UAE, which joined the BRICS economic grouping along with Ethiopia and three other countries on January 1 this year, is "a significant source of foreign investment and development finance."
https://en.sputniknews.africa/20240715/brics-has-potential-to-challenge-current-archaic-global-financial-architecture-ethiopian-diplomat-1067516229.html
ethiopia
united arab emirates (uae)
addis ababa
east africa
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2024
Muhammad Nooh Osman
https://cdn1.img.sputniknews.africa/img/07e7/04/0a/1058467512_0:0:1280:1280_100x100_80_0_0_ec723833bcbfcaed2e21952965ad99e4.jpg
Muhammad Nooh Osman
https://cdn1.img.sputniknews.africa/img/07e7/04/0a/1058467512_0:0:1280:1280_100x100_80_0_0_ec723833bcbfcaed2e21952965ad99e4.jpg
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Muhammad Nooh Osman
https://cdn1.img.sputniknews.africa/img/07e7/04/0a/1058467512_0:0:1280:1280_100x100_80_0_0_ec723833bcbfcaed2e21952965ad99e4.jpg
ethiopia, united arab emirates (uae), addis ababa, international monetary fund (imf), world bank, currency, alternative currency, east africa, economy, cooperation
ethiopia, united arab emirates (uae), addis ababa, international monetary fund (imf), world bank, currency, alternative currency, east africa, economy, cooperation
Ethiopia, UAE Sign Preliminary Agreements on Use of National Currencies in Bilateral Transactions
11:34 17.07.2024 (Updated: 12:12 17.07.2024) Muhammad Nooh Osman
Writer/Editor
Ethiopia is facing a foreign exchange crisis despite holding reserves of $3.46 billion. Talks with the International Monetary Fund (IMF) and World Bank, crucial for debt restructuring and securing additional funding to stabilize the economy, have stalled. This impasse is a significant challenge for Ethiopia as it seeks to address its economic woes.
The National Bank of Ethiopia (NBE) and the Central Bank of the United Arab Emirates (CBUAE) have signed a preliminary memorandum of understanding (MoU) on the use of the two countries'
national currencies in bilateral transactions.
In addition, Abu Dhabi and Addis Ababa, which is facing a significant foreign exchange shortage, signed a bilateral national currency swap agreement of up to 3 billion dirhams for 46 billion birr, or nearly $817 million.
"The bilateral currency swap agreement and the MoUs signed today reflect the robust economic cooperation between the UAE and Ethiopia, specifically in the areas of trade and investment." said CBUAE Governor Khaled Mohamed Balama.
The preliminary deal also lays the groundwork for linking the payment and bank messaging systems of the two countries, facilitating cross-border transactions.
NBE Governor Mammo Mihretu, for his part, said the UAE, which joined the
BRICS economic grouping along with Ethiopia and three other countries on January 1 this year, is "a significant source of foreign investment and development finance."
