Abu dhabi: Turkiye and the UAE signed three agreements on Thursday to increase financial cooperation, strengthen trade relations, and exchange local currency. The deals mark a significant step forward in the economic relationship between the two nations.
According to Kuwait News Agency, the Turkish Central Bank announced that the agreements were signed by the Governor of the Turkish Bank, Fatih Karahan, and his UAE counterpart, Khalid Balama. The signing took place in the presence of senior officials from both sides, highlighting the importance of the event.
The statement from the Turkish Central Bank highlighted that the currency exchange agreement carries a nominal value of 198 billion lira and 18 billion dirhams, equivalent to USD 4.9 billion. This agreement is expected to facilitate smoother trade and investment transactions between the two countries by using local currencies.
Governor Karahan emphasized that these agreements reflect the strategic goals of both Turkiye and the UAE to expand bilateral trade relations. By increasing the use of local currencies, the agreements aim to ease trade and investment flows among stakeholders in both countries.