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The Central Bank of Bahrain (CBB) and the Central Bank of the United Arab Emirates (CBUAE) have signed a major currency swap agreement worth BD2 billion.
The landmark deal, which has a five-year tenor, was finalised during a virtual signing ceremony by CBB Governor Khalid Humaidan and CBUAE Governor Khaled Mohamed Balama.
The agreement is designed to bolster financial and monetary cooperation while strengthening trade and investment ties between the two nations.
Mr Balama noted that the move demonstrates a shared dedication to promoting the use of local currencies.
It will also help in advancing cooperation frameworks between central banks as well as deepening regional and international partnerships to enhance financial stability.
Mr Humaidan described the agreement as a "significant milestone" that reflects the deep, longstanding ties between the leadership of Bahrain and the UAE.
He emphasised that the swap is expected to stimulate economic growth and reinforce financial stability, marking a step forward for regional financial integration.
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